The plan has been slammed by environmentalists and some commentators who regard the proposals as a handout to the oil industry.
More Quotes from Lawrence Eagles:
Under normal circumstances, it would be far too soon for OPEC to consider raising production, but these are exceptional circumstances,Lawrence Eagles
Overall there is a general consensus in the market that prices are likely to head lower and that the break of the current range will be to the downside. However, we would note that the conditions for this to happen increased crude and product inventories and refinery restarts in particular are not yet in place and risks to the upside remain.
Lawrence Eagles
As far as the Middle East is concerned, there is still strong justification for a premium to remain in the market until it is clear the situation is much calmer on the ground,
Lawrence Eagles
However in doing so it has also shown itself not to be a bastion of stability it had claimed, but a hawkish price-rigging organization,
Lawrence Eagles
The DOE report suggests that more product (such as heating oil) may be available in the week ahead, ... Adding to this, the U. S. 6-to-10 day forecast calls for above-normal temperatures in much of the U. S. northeast.
Lawrence Eagles
Without any further word from Saudi Arabia about production, ... there is no reason to believe that we won't see prices move higher.
Lawrence Eagles
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