Fadel Gheit
Fadel Gheit
blamed cut economic half moved prices production second sure
Obviously, if they had cut production more, prices would have probably moved higher, and that would have curtailed economic growth, ... They want to make sure they will not be blamed for any economic slowdown in the second half of this year.
afraid global iran lead led oil people prices
This global tension, led by the stalemate between Iran and the U.S., could lead to oil prices about $80. People are really afraid that something is going to happen, and soon.
bad hurricane situation
The infrastructure was already strained before the hurricane. The hurricane has made a bad situation worse.
damage hurricane rita
The damage from Hurricane Rita has been significantly underreported,
market moves perception
It's market perception that moves the market, and the perception is negative,
again dust exceeded katrina match rita terms
I would say we'll probably see $70 (a barrel) again before we see $50 or $55 even. When the dust settles, we'll see that while Rita did not match Katrina in terms of impact, it significantly exceeded what's been reported.
haunt high oil prices
High oil prices will come and haunt us.
drop high prices unusually
The drop in prices correlates with unusually high temperatures in the Northeast.
dependence economic hit inflation less oil
Our economic dependence on oil is much less than it was even 10 years ago. If inflation comes, it won't be as big a hit as it was in the '80s.
barrels cutting demand million oil per warm weather
The warm weather in the U.S. may be cutting demand for oil by 1 million barrels per day.
agencies companies dependent emerging everybody government instead resources secure somebody trying
Everybody is trying to secure their own resources instead of being dependent on somebody else. All these government-owned companies or government agencies are emerging from the bureaucracy and the state's shadow.
economy economy-and-economics level losing oil shock worst
Losing the Saudi oil would immediately shock the U.S. economy to the worst level in decades,
alliance forming instead single
They may not be just forming an alliance but instead merging where they won't have different mindsets but a single set of goals,
company followed forecast industry lower oil production reduce reserve spending
This is an industry in crisis. Every oil company will reduce their production forecast as lower spending will immediately be followed by lower production and lower reserve replacement.