Crude Was Off Slightly
Jan 30th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Thursday, oil sagged, with crude for March delivery closing at $41.44, down 72 cents. March reformulated gasoline bucked the trend, gaining 4.7 cents, to $1.2309/gallon.
In Davos, during a panel discussion on the energy outlook for the year ahead, OPEC Secretary General Salem El Badri said the cartel “will not hesitate to take (some more) out of the market” in coming months if prices and global demand don’t stabilize.
El Badri added that oil prices may or may not have bottomed, but warned that a price of $40 “or even $50″ a barrel doesn’t provide producing countries with enough revenue to ensure adequate future investment.
“We are seeing that 2009 will be a very difficult year,” El Badri conceded. OPEC’s next formal meeting is in mid-March.
But BP CEO Tony Hayward, on the same panel, warned that when demand returns, it could do so quickly, and that could cause supply constraints “unless we can invest through the downturn.”
Source: Crude Was Off Slightly
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.