Increased pumping by OPEC as Chinese demand appears to be slackening could drive oil to the lowest prices since the peak of the financial crisis.

West Texas Intermediate crude futures skidded through the year's lows and looked set to break into the $30s-per-barrel range after the Organization of the Petroleum Exporting Countries admitted to more pumping and China devalued its currency, sending ripples through global markets.

Read More China's big bang dents global markets

"The familiar theme of oversupply and shaky demand is getting punctuated today," said Again Capital partner John Kilduff, who has expected WTI to aim for $30 per barrel. WTI futures for September fell more than 4 percent Tuesday and traded below $43.26 per barrel, the March 17 low.

Kilduff said, "$42.03 is going to be key. Then we'll be back to extrapolating back down to the low 30s from the financial crisis." The intraday low in 2015 was $42.03, also reached in March. Brent futures, meanwhile, were just below $49 per barrel.

Read More OPEC signals supply from rivals resistant to low prices

"Overall, I think this devaluation by the Chinese suggests maybe the slowdown in economic growth is greater than people anticipate, and that's where fear on the demand side is coming from and driving us lower," said Gene McGillian, analyst with Tradition Energy.



More
He said if oil breaks $42.03, the next target is in the upper $30s at about $36, and then $32. The question is how fast could oil spring back, if it does reach the lows set in 2008 and 2009 during the financial crisis.

"There's no positives on the supply side, and there's bearish fears on the demand side," McGillian said.

Read More Oil collapse couldn't come at worse time for industry

OPEC on Tuesday upped its forecast of oil supply from nonmember countries in 2015. Oil prices have been more unpredictable because of the unknown factors around the impact on U.S. shale production, a relatively new phenomenon.

Production increased by about 600,000 barrels a day in the U.S. this year and has been holding steady at about 9.4 million barrels for several months. Typically, the shock of falling prices shakes out producers that find it difficult to fund operations, but the U.S. industry has kept drilling.

Oil's collapse has been rapid and outpaced the predictions of most Wall Street forecasters. One factor has been that the weaker prices are taking longer to impact U.S. shale producers than previously thought. OPEC has also been pumping more than it has in several years, and reported a 2.87 million barrel a day global oversupply in the second quarter.

At the same time, OPEC said its production rose to a three-year high this summer. OPEC said it pumped 31.5 million barrels a day in July, up 100,000 barrels on higher output from Iraq, Saudi Arabia and Angola. OPEC also said global demand growth should pick up in 2015 by 90,000 barrels a day.

In its monthly report Tuesday, OPEC raised its forecast for non-OPEC supply this year by about 90,000 barrels per day. OPEC also raised its estimate of 2015 world oil demand growth by 90,000 bpd, but due to rising supply expected from other producers, demand for OPEC crude remains at 29.23 million barrels per day.

Saudi Arabia told OPEC that it trimmed output by 200,000 barrels a day to 10.36 million barrels in July, after a record high in June.

"That's more seasonal. They're using less crude for their own power generation," said Kilduff of the Saudi cut. "They're getting their lunch eaten a little by the Russians and Iraqis in Asia." Saudi Arabia has reportedly slipped into second place exporter to Japan after falling from the top spot in both China and India.

Meanwhile, Iran was reported to have raised its oil production to 2.86 million barrels a day, the highest level since sanctions against the country were strengthened in June 2012.

Iran is supposed to wait for congressional approval of the nuclear deal before it moves to return its oil exports to world markets, but Kilduff said Iran could move sooner. Iran has an estimated 40 million barrels of oil stored in tankers, and Kilduff expects Iran to be aggressive in selling it.

"Over 2 million barrels of their floating storage is already gone. They're going to ramp up markedly. They want market share," he said.

http://finance.yahoo.com/news/opec-just-kicked-oil-30s-

.

Cursed liquid

So much wasteges in Nigeria and Neglect for other sectors.. We must pay for our being too confident oil was sustainable.

PMB shift to Agric ooooo

Iran's 40million barrels of oil in the market will really force prices drastically down, this should cut production costs drastically and cheaper commodities. Or is my economics wrong?

Its better we go back to agriculture this black gold would soon turn to coal

Niger delta people be like ''our oyel money'' #doilmustdriedup

I've got no fear cos I don't depend on the economy of this world but that of God.

Apple Inc doesn't do oil business yet it keeps setting profit records far above the profit of oil giants like Mobil,Shell,Chevron etc.
Frankly speaking,Crude oil business is overrated.Nigeria and Nigerians should wake up.

Our oyel money

Quite late but never too late to diversfy, the oil boom days are over.

Yet price of fuel no free go down for Nigeria.
I don't gerrit

Nigeria always has its own separate set of rules when it comes to economics.

Meanwhile waiting for you know who to do something about this global crude crises

this was my prayer point today.
Father lord, i want the price of OYEL to crash and die.
Our rgion have suffered alot just to put oil money in banks of these parasite from north and west. Amen

Hmmmm... Emefiele, is time for u to pull some abracadra to strengthen the naira..

atlwireles:
Increased pumping by OPEC as Chinese demand appears to be slackening could drive oil to the lowest prices since the peak of the financial crisis.

West Texas Intermediate crude futures skidded through the year's lows and looked set to break into the $30s-per-barrel range after the Organization of the Petroleum Exporting Countries admitted to more pumping and China devalued its currency, sending ripples through global markets.

Read More China's big bang dents global markets

"The familiar theme of oversupply and shaky demand is getting punctuated today," said Again Capital partner John Kilduff, who has expected WTI to aim for $30 per barrel. WTI futures for September fell more than 4 percent Tuesday and traded below $43.26 per barrel, the March 17 low.

Kilduff said, "$42.03 is going to be key. Then we'll be back to extrapolating back down to the low 30s from the financial crisis." The intraday low in 2015 was $42.03, also reached in March. Brent futures, meanwhile, were just below $49 per barrel.

Read More OPEC signals supply from rivals resistant to low prices

"Overall, I think this devaluation by the Chinese suggests maybe the slowdown in economic growth is greater than people anticipate, and that's where fear on the demand side is coming from and driving us lower," said Gene McGillian, analyst with Tradition Energy.



More
He said if oil breaks $42.03, the next target is in the upper $30s at about $36, and then $32. The question is how fast could oil spring back, if it does reach the lows set in 2008 and 2009 during the financial crisis.

"There's no positives on the supply side, and there's bearish fears on the demand side," McGillian said.

Read More Oil collapse couldn't come at worse time for industry

OPEC on Tuesday upped its forecast of oil supply from nonmember countries in 2015. Oil prices have been more unpredictable because of the unknown factors around the impact on U.S. shale production, a relatively new phenomenon.

Production increased by about 600,000 barrels a day in the U.S. this year and has been holding steady at about 9.4 million barrels for several months. Typically, the shock of falling prices shakes out producers that find it difficult to fund operations, but the U.S. industry has kept drilling.

Oil's collapse has been rapid and outpaced the predictions of most Wall Street forecasters. One factor has been that the weaker prices are taking longer to impact U.S. shale producers than previously thought. OPEC has also been pumping more than it has in several years, and reported a 2.87 million barrel a day global oversupply in the second quarter.

At the same time, OPEC said its production rose to a three-year high this summer. OPEC said it pumped 31.5 million barrels a day in July, up 100,000 barrels on higher output from Iraq, Saudi Arabia and Angola. OPEC also said global demand growth should pick up in 2015 by 90,000 barrels a day.

In its monthly report Tuesday, OPEC raised its forecast for non-OPEC supply this year by about 90,000 barrels per day. OPEC also raised its estimate of 2015 world oil demand growth by 90,000 bpd, but due to rising supply expected from other producers, demand for OPEC crude remains at 29.23 million barrels per day.

Saudi Arabia told OPEC that it trimmed output by 200,000 barrels a day to 10.36 million barrels in July, after a record high in June.

"That's more seasonal. They're using less crude for their own power generation," said Kilduff of the Saudi cut. "They're getting their lunch eaten a little by the Russians and Iraqis in Asia." Saudi Arabia has reportedly slipped into second place exporter to Japan after falling from the top spot in both China and India.

Meanwhile, Iran was reported to have raised its oil production to 2.86 million barrels a day, the highest level since sanctions against the country were strengthened in June 2012.

Iran is supposed to wait for congressional approval of the nuclear deal before it moves to return its oil exports to world markets, but Kilduff said Iran could move sooner. Iran has an estimated 40 million barrels of oil stored in tankers, and Kilduff expects Iran to be aggressive in selling it.

"Over 2 million barrels of their floating storage is already gone. They're going to ramp up markedly. They want market share," he said.

http://finance.yahoo.com/news/opec-just-kicked-oil-30s-

Its time for us SS/SE to engage on regional integration,leveraging on our comparative advantages.Igbos has the trades & Investments/Businesses.and we have the ports.
Lets build our economy.

For those from here,who always diss Igbo people,well,its time,oil is at the verge of being a common commodity like water,oya show ur power.

Cc,Buhari.

Oya come and stabilize oil price.

I wonder why it hasn't fallen to a dollar yet? Then, Nigeria will be forced to discuss her structure once and for all

Just may be we'll see the back of all these fake crude oil patriotism a.k.a one-Nigeria

there is problem ooo

E don bizzle

NDPVF:
Its time for us SS/SE to engage on regional integration,leveraging on our comparative advantages.Igbos has the trades & Investments/Businesses.and we have the ports.
Lets build our economy.

For those from here,who always diss Igbo people,well,its time,oil is at the verge of being a common commodity like water,oya show ur power.

let see what the hausas/fulanis who own up to 85% oil wells will do..

All this because the US in conjunction with Saudi Arabia is holding world economic growth hostage, in order to keep the failing US economy afloat, as well as checkmate Vladimir Putin/Russia. The US just using Saudi as a pawn in a game they have do idea what's going on.

Government of Saudi Arabia is the dumbest government on the planet!.

If anything, news such as this justifies the election of Buhari as he, more than GEJ, is more likely to cut down on Govt corruption which proves more harmful at times like this. Govt corruption when oil is circa $100 p/b is less painful than when oil is $40 p/b.

The obvious flipside with Buhari is that he is unlikely to undertake those bold policy reforms which Nigeria requires such as subsidy removal, privatisation of Govt assets and greater deregulation of Govt assets. Partly, because he doesn't strike one as a deep thinker who understands what it takes to generate vibrant economic growth. Also, partly because he possesses a sectionalist mindset that often clouds judgement as to what is in the national interest. For an example of the latter, I suspect his reluctance to remove subsidy may be due in part to this entailing higher pump prices in the North than the South.

Oboy this is sickening.

4Play:
If anything, news such as this justifies the election of Buhari as he, more than GEJ, is more likely to cut down on Govt corruption which proves more harmful at times like this. Govt corruption when oil is circa $100 p/b is less painful than when oil is $40 p/b.

The obvious flipside with Buhari is that he is unlikely to undertake those bold policy reforms which Nigeria requires such as subsidy removal, privatisation of Govt assets and greater deregulation of Govt assets. Partly, because he doesn't strike one as a deep thinker who understands what it takes to generate vibrant economic growth. Also, partly because he possesses a sectionalist mindset that often clouds judgement as to what is in the national interest. For an example of the latter, I suspect his reluctance to remove subsidy may be due in part to this entailing higher pump prices in the North than the South.

You think corruption is the problem of this country? whoa, what is there to steal in this broke beyond reality country?

atlwireles:
Increased pumping by OPEC as Chinese demand appears to be slackening could drive oil to the lowest prices since the peak of the financial crisis.

West Texas Intermediate crude futures skidded through the year's lows and looked set to break into the $30s-per-barrel range after the Organization of the Petroleum Exporting Countries admitted to more pumping and China devalued its currency, sending ripples through global markets.

Read More China's big bang dents global markets

"The familiar theme of oversupply and shaky demand is getting punctuated today," said Again Capital partner John Kilduff, who has expected WTI to aim for $30 per barrel. WTI futures for September fell more than 4 percent Tuesday and traded below $43.26 per barrel, the March 17 low.

Kilduff said, "$42.03 is going to be key. Then we'll be back to extrapolating back down to the low 30s from the financial crisis." The intraday low in 2015 was $42.03, also reached in March. Brent futures, meanwhile, were just below $49 per barrel.

Read More OPEC signals supply from rivals resistant to low prices

"Overall, I think this devaluation by the Chinese suggests maybe the slowdown in economic growth is greater than people anticipate, and that's where fear on the demand side is coming from and driving us lower," said Gene McGillian, analyst with Tradition Energy.



More
He said if oil breaks $42.03, the next target is in the upper $30s at about $36, and then $32. The question is how fast could oil spring back, if it does reach the lows set in 2008 and 2009 during the financial crisis.

"There's no positives on the supply side, and there's bearish fears on the demand side," McGillian said.

Read More Oil collapse couldn't come at worse time for industry

OPEC on Tuesday upped its forecast of oil supply from nonmember countries in 2015. Oil prices have been more unpredictable because of the unknown factors around the impact on U.S. shale production, a relatively new phenomenon.

Production increased by about 600,000 barrels a day in the U.S. this year and has been holding steady at about 9.4 million barrels for several months. Typically, the shock of falling prices shakes out producers that find it difficult to fund operations, but the U.S. industry has kept drilling.

Oil's collapse has been rapid and outpaced the predictions of most Wall Street forecasters. One factor has been that the weaker prices are taking longer to impact U.S. shale producers than previously thought. OPEC has also been pumping more than it has in several years, and reported a 2.87 million barrel a day global oversupply in the second quarter.

At the same time, OPEC said its production rose to a three-year high this summer. OPEC said it pumped 31.5 million barrels a day in July, up 100,000 barrels on higher output from Iraq, Saudi Arabia and Angola. OPEC also said global demand growth should pick up in 2015 by 90,000 barrels a day.

In its monthly report Tuesday, OPEC raised its forecast for non-OPEC supply this year by about 90,000 barrels per day. OPEC also raised its estimate of 2015 world oil demand growth by 90,000 bpd, but due to rising supply expected from other producers, demand for OPEC crude remains at 29.23 million barrels per day.

Saudi Arabia told OPEC that it trimmed output by 200,000 barrels a day to 10.36 million barrels in July, after a record high in June.

"That's more seasonal. They're using less crude for their own power generation," said Kilduff of the Saudi cut. "They're getting their lunch eaten a little by the Russians and Iraqis in Asia." Saudi Arabia has reportedly slipped into second place exporter to Japan after falling from the top spot in both China and India.

Meanwhile, Iran was reported to have raised its oil production to 2.86 million barrels a day, the highest level since sanctions against the country were strengthened in June 2012.

Iran is supposed to wait for congressional approval of the nuclear deal before it moves to return its oil exports to world markets, but Kilduff said Iran could move sooner. Iran has an estimated 40 million barrels of oil stored in tankers, and Kilduff expects Iran to be aggressive in selling it.

"Over 2 million barrels of their floating storage is already gone. They're going to ramp up markedly. They want market share," he said.

http://finance.yahoo.com/news/opec-just-kicked-oil-30s-

Thought I heard someone campaign he'll could control the price of oil.

atlwireles:
Increased pumping by OPEC as Chinese demand appears to be slackening could drive oil to the lowest prices since the peak of the financial crisis.

West Texas Intermediate crude futures skidded through the year's lows and looked set to break into the $30s-per-barrel range after the Organization of the Petroleum Exporting Countries admitted to more pumping and China devalued its currency, sending ripples through global markets.

Read More China's big bang dents global markets

"The familiar theme of oversupply and shaky demand is getting punctuated today," said Again Capital partner John Kilduff, who has expected WTI to aim for $30 per barrel. WTI futures for September fell more than 4 percent Tuesday and traded below $43.26 per barrel, the March 17 low.

Kilduff said, "$42.03 is going to be key. Then we'll be back to extrapolating back down to the low 30s from the financial crisis." The intraday low in 2015 was $42.03, also reached in March. Brent futures, meanwhile, were just below $49 per barrel.

Read More OPEC signals supply from rivals resistant to low prices

"Overall, I think this devaluation by the Chinese suggests maybe the slowdown in economic growth is greater than people anticipate, and that's where fear on the demand side is coming from and driving us lower," said Gene McGillian, analyst with Tradition Energy.



More
He said if oil breaks $42.03, the next target is in the upper $30s at about $36, and then $32. The question is how fast could oil spring back, if it does reach the lows set in 2008 and 2009 during the financial crisis.

"There's no positives on the supply side, and there's bearish fears on the demand side," McGillian said.

Read More Oil collapse couldn't come at worse time for industry

OPEC on Tuesday upped its forecast of oil supply from nonmember countries in 2015. Oil prices have been more unpredictable because of the unknown factors around the impact on U.S. shale production, a relatively new phenomenon.

Production increased by about 600,000 barrels a day in the U.S. this year and has been holding steady at about 9.4 million barrels for several months. Typically, the shock of falling prices shakes out producers that find it difficult to fund operations, but the U.S. industry has kept drilling.

Oil's collapse has been rapid and outpaced the predictions of most Wall Street forecasters. One factor has been that the weaker prices are taking longer to impact U.S. shale producers than previously thought. OPEC has also been pumping more than it has in several years, and reported a 2.87 million barrel a day global oversupply in the second quarter.

At the same time, OPEC said its production rose to a three-year high this summer. OPEC said it pumped 31.5 million barrels a day in July, up 100,000 barrels on higher output from Iraq, Saudi Arabia and Angola. OPEC also said global demand growth should pick up in 2015 by 90,000 barrels a day.

In its monthly report Tuesday, OPEC raised its forecast for non-OPEC supply this year by about 90,000 barrels per day. OPEC also raised its estimate of 2015 world oil demand growth by 90,000 bpd, but due to rising supply expected from other producers, demand for OPEC crude remains at 29.23 million barrels per day.

Saudi Arabia told OPEC that it trimmed output by 200,000 barrels a day to 10.36 million barrels in July, after a record high in June.

"That's more seasonal. They're using less crude for their own power generation," said Kilduff of the Saudi cut. "They're getting their lunch eaten a little by the Russians and Iraqis in Asia." Saudi Arabia has reportedly slipped into second place exporter to Japan after falling from the top spot in both China and India.

Meanwhile, Iran was reported to have raised its oil production to 2.86 million barrels a day, the highest level since sanctions against the country were strengthened in June 2012.

Iran is supposed to wait for congressional approval of the nuclear deal before it moves to return its oil exports to world markets, but Kilduff said Iran could move sooner. Iran has an estimated 40 million barrels of oil stored in tankers, and Kilduff expects Iran to be aggressive in selling it.

"Over 2 million barrels of their floating storage is already gone. They're going to ramp up markedly. They want market share," he said.

http://finance.yahoo.com/news/opec-just-kicked-oil-30s-

Thought I heard someone campaign he'll would control the price of oil.

Cry for naija.

vikyno:
I've got no fear cos I don't depend on the economy of this world but that of God.

See your foolish thought... SMH