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Year end 2008, Beginning 2009 - oil price forecast poll

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JJRusty

Beginner

Posts: 20

1

Wednesday, November 5th 2008, 3:28pm

Year end 2008, Beginning 2009 - oil price forecast poll

Poll

What is your forecast of the Crude oil price on 31st Dec 2008/1st january 2009?

23%

Below $ 50 (19)

7%

Between $ 50 and $ 55 (6)

16%

Between $ 55 and $ 60 (13)

4%

Between $ 60 and $ 65 (3)

6%

Between $ 65 and $ 70 (5)

11%

Between $ 70 and $ 75 (9)

9%

Between $ 75 and $ 80 (7)

6%

Between $ 80 and $ 85 (5)

7%

Between $ 85 and $ 90 (6)

2%

Between $ 90 and $ 95 (2)

0%

Between $ 95 and $ 100

2%

Between $ 100 and $ 105 (2)

1%

Between $ 105 and $ 110 (1)

5%

Over $ 110 (4)

A total of 82 Votes have been submitted.
We all know that forecasting the price of oil at the end of 2008 is impossible in the present financial turmoil and confusion.
We can only guess.

Please participate in the poll.

This post has been edited 2 times, last edit by "JJRusty" (Nov 5th 2008, 4:11pm)

suares into oil

Beginner

Posts: 2

2

Thursday, November 13th 2008, 4:11am

19 % of the people in the poll result say that that the price of oil will be between $70 to $75 on the 31st of December. As of today, Oil is at $55 a barrel. It is left to be seen if the drastic measures undertaken by the OPEC and speculation by the general populace will boost the oil prices to above $70 or more by this year end. Any thoughts on this ?

Pritam

Beginner

Posts: 7

3

Thursday, November 13th 2008, 7:04pm

The poll may be right

Looks like Iran is going to cause some disturbance until the oil price rises to that limit(at least, I guess).

Look at it - Oil has fallen nearly $10 since the OPEC agreed at another emergency meeting only last month to remove 1.5 million barrels per day (bpd) from the market.

OPEC feels that they should have reduced the output even more than 1.5 million barrels. What would have been the right figure?
Is there any maths to figure out what figure of output reduction will bring the oil price to say, USD 70? NO! It would probably be some strange and confused guesswork. ?(

OPEC Is having a meeting again on Nov 29th. We shall wait and watch. The suppliers are as jittery as the consumers. :S

Oilguy

Beginner

Posts: 11

4

Tuesday, November 25th 2008, 4:29pm

Why should the oil price be below $50 in the next few months?

Many reasons :

Negative sentiment in the market
OPEC may not be able to cut production to the limit they want to.
Decreased oil consumption

We do not need many more reasons. The above are sufficient to keep the prices very low.

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