Even if OPEC can not determine the glut of Oil



Surprisingly high oil production in the US and the Middle East last year pushed oil prices to their lowest levels in more than a decade. But for investors who are trying to determine whether the oil market is near the bottom, the pace of production elsewhere in the world is a key source of uncertainty

Producers in Russia, Brazil and Norway pumped more oil in 2015 compared with the forecasts of the IEA and EIA.

Investors with caution on supplies from outside the US and OPEC emphasizes uncertainty. Given the strength of production worldwide in 2015, many investors believe that it is far from clear when saturation will begin to weaken.

"We are in uncharted waters," said Judith Duarkin, chief economist at RS Energy Group. Prices are likely to move $ 40 a barrel with a distinct breakthrough levels below $ 30.

E.Dimitrov JrTrader

 Varchev Traders

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