Oil Prices Slip Again After Opec Output Rises

Oil prices fell to $62 a barrel a few days ago after Saudi Arabia’s oil minister, Ali al-Naimi, said that “throughout April production in the world’s biggest crude exporter would remain around 10 million barrels per day (bpd).”

Combined with the rising strength of the U.S. dollar the announcement by Ali al-Naimi has wiped out early oil price gains.

The drop in value followed gains in morning trading after China, the world’s second-largest consumer of oil announced a fresh economic stimulus package over the weekend. But In the second half of the year and going forward, the market should start to rebalance itself as US production slows and demand picks up.

It continues to look more and more like the oil and gas industry will make a serious comeback in the world market system. This is great news following what looked to be another long drudge through oil & gas price hell.

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