I have found that sometimes the more unlikely scenarios are the ones that actually pan out to be true. We don't know how big the world population would get,how many new emerging economies would come online, How much oil and gas would be discovered, technology that would limit oil use would come online. Sometimes we say something because we so desire that result. Sometimes we say something because we actually believe what we say. Either way our thoughts are meaningless things are going to happen the way their going to happen whether we can see what would be a possible factor or not. We simply dealing with too many variables which makes a myriad of future possibilities true. Based on all the press, comments oil prices could drop below $30 a barrel or go above $150 a barrel. People who are predicting what the future would be like are fools. No one knows what's going to happen in the future. We don't know which factors would become important and which ones would be nothing more than ghost threats. It's a fact up to 2003 that oil prices were in their 20s and the expectation was for them to stay at that price or lower. No one ever expected the emerging markets China, India and other new markets to grow as fast as they did. Setting in place the current regime of prices far above $20 a barrel ever since. Also all prices by the late 70s were expected to be near extinction by now. Yet we seem to have more oil than ever to handle the worlds population that has grown by almost 50% since. So predicting the future for prices of oil and who would be a big player and who would slip into insignificance is impossible to say. None of us can see the future. I guess with inability to do so. We just have to sit back and see what this crazy and wild ride called life brings us... It wouldn’t be the first time that a meeting of the Organisation of Petroleum Exporting Countries (Opec) has taken place in an atmosphere of deep division, bordering on outright hatred. In 1976, Saudi Arabia’s former oil minister Ahmed Zaki Yamani stormed out of the Opec gathering early when other members of the cartel wouldn’t agree to the wishes of his new master, King Khaled. The 166th meeting of the group in Vienna next week is looking like it could end in a similarly acrimonious fashion with Saudi Arabia and several other members at loggerheads over what to do about falling oil prices. Whatever action Opec agrees to take next week to halt the sharp decline in the value of crude, experts agree that one thing is clear: the world is entering into an era of lower oil prices that the group is almost powerless to change.
This new energy paradigm may result in oil trading at much lower levels than the $100 (£64) per barrel that consumers have grown used to paying over the last decade and reshape the entire global economy. It could also trigger the eventual break-up of Opec, the group of mainly Middle East producers, which due to its control of 60pc of the world’s petroleum reserves has often been accused of acting like a cartel.
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