Oil Prices

[specuvestor]

"There’s an oversupply of about 1.5 million barrels a day on the oil market and OPEC is open to a meeting with nations outside the 12-member group to tackle the glut, El-Badri said. The market will be brought back into balance by a reduction in supply, rather than an increase in demand, he said.

Investment in oil production will fall by $100 billion, or 15 percent, this year compared with 2014, Fatih Birol, chief economist at the IEA, said at the World Economic Forum in Davos, Switzerland on Jan. 21. This means oil at $45 a barrel will be a temporary phenomenon, he said."

http://www.bloomberg.com/news/2015-01-27...tment.html