Vandana Hari, founder and CEO of Vanda Insights, said the correction was mainly due to two factors — new numbers for Libya’s oil production and US markets turmoil due to sell-off in broader risk assets
The prices may maintain between a wide range of USD 50-60 per barrel of crude of the agreement is implemented, which happens in January next year.
Vandana Hari, Asia Editorial Director of Platts believes that nothing short of a cut of a 1.5-2.0 million barrels per day will really provide a sustainable floor to oil prices.
Vandana Hari, Asia Editorial Director of Platts is not surprised at the IEA forecast of slower oil demand growth and says it was expected because the IEA usually goes by the forecast on economic outlook, which the IMF, ADB has lowered in the recent times.
Vandana Hari of Platts says oil prices at USD 100/ bbl are a thing of the past. "As of now, people are finding it difficult to even imagine prices going up to USD 80/ bbl," she adds
Saudi Arabia-led coalition air strikes resumed against rebel positions in Yemen's south after a five-day ceasefire expired yesterday, as fighting raged between Shia Huthi rebels and loyalists of exiled president Abedrabbo Mansour Hadi.
Vandana Hari, Asia Editorial Director, Platts, says at the moment, there aren't any signs pointing to an uptick in demand either
According to Vandana Hari, Asia editorial director at Platts, the rally in oil futures is also on the back of short-covering. Going ahead, she says if the Russian economy improves, demand situation will get better
Vandana Hari of Platts says US production this year may fall, but that won't be enough to stem crude price fall considering at the moment there is an oversupply of 1.5-2 million barrel a day
According to Vandana Hari, the demand picture for oil is not looking good in the medium-term.
Despite expectations of OPEC nations announcing a cut in oil production to arrest the slide in prices, Vandana Hari, Asia News Director of Platts feels multi-nation body may hold off any such action despite acknowledging an oversupply.
Chinese economic data has been closely watched by oil markets because it is driving most of the incremental growth in oil that is projected for this year globally, says Vandana Hari, Editorial Dir-Asia, PLATTS.
In an interview to CNBC-TV18, Vandana Hariof Asia Editorial Dir-Platts spoke about the the impact of the geopolitical crisis in Syria on the global crude oil prices.
Energy information provider Platts today came out with its top 250 global energy company rankings. Indian public sector coal major, Coal India took second rank in Platts' list.
The S&P has downgraded the US credit rating for the first time in history. In an interview on CNBC-TV18, James Glassman of JPMorgan; Peter Hickson of UBS and Vandana Hari, Asia Editorial Director, Platts talk about what the reaction has been across global markets and what kind of ramifications this could have on our market.
In an interview with CNBC-TV18, Vandana Hari, Asia News Director, Platts, speaks about crude and gives her outlook going forward.
In an interview with CNBC- TV18, Vandana Hari of Platts said that if the problems in the Middle East escalate, it could threaten around 25 million barrels per day of oil production that comes out of all those countries in North Africa and the Middle East.