World oil prices are set to fall further, extending a months-long rout because Saudi Arabia is unlikely to make deep enough production cuts to erase a growing surplus, Gary Ross, chief executive of PIRA Energy Group, told Reuters. They are very concerned that the price drop we've seen and the negative impact that's had on investment and high-cost producers is sowing the seeds of the next price boom. Buy Oil Paintings and original paintings, sculptures, photography from emerging artists. Gary Ross Director, Global Business Development and HHP - Mining, Rail, Oil & Gas, Pwr Gen & Defense Ashburton, Victoria, Australia 355 connections I think you'll see rigs deploy and capital deploy and the real question is how quickly they can get labor back."Get this delivered to your inbox, and more info about our products and services."We're seeing non-OPEC supply decline quite substantially and, add in the supply interruptions which are humungous and we're seeing the surplus going down a million barrels a day in the second quarter already which is way earlier than most people expected.""I don't think they (Saudi Arabia) see a problem over whether crude is going to be $80 at the initial public offering of (around a 5 percent stake in state oil firm) Saudi Aramco but I think they're more concerned about the price blowing back into the $100s and causing macro-economic problems."Bob McNally, president of the Rapidan Group, told CNBC on Wednesday that if the oil price recovers to $55-$60 a barrel, U.S. shale oil production would be "ready to go."Data is a real-time snapshot *Data is delayed at least 15 minutes. "Oil's going up because the oil market is rebalancing," Gary Ross, the founder, executive chairman and head of Global Oil at PIRA Energy Group, told CNBC on Wednesday. Join Facebook to connect with Gary Ross and others you may know. I think they're getting ready for that."Oil prices have dipped ahead of the closely-watched meeting of OPEC producers on Thursday but well-respected figures in the oil industry believe that prices are still too low and that the only way is up. "I think if we see crude go back to the $55-$60 level we're going to see rigs going back to work…and I think they're confident that the bottom is really in this time. That signal is not there just yet.” PIRA expects oil to hit $70 a barrel by the end of 2016 and to trade at $75 a barrel the following year.On Thursday, U.S. crude oil prices jumped nearly $2 a barrel to trade near $50 a barrel for the first time since July, further breaking out of a month-long sideways trading range. Visitation will be Friday from 1:00-2:00 PM under the direction of Kilpatrick Funeral Homes of Ruston.Gary, an oil compressor techn Benchmark Brent crude, then still trading at more than $90 a barrel, fell nearly $8 a barrel in the five days following the event.
Gary Ross, S&P Global Platts head of global oil analytics and chief energy economist, shares his outlook on oil prices as inventories decline dramatically. Speaking at the group’s annual closed-door client seminar, Founder and Executive Chairman Gary Ross delivered a more bullish oil price … Saudi officials attending the conference had also briefed some participants to expect a deeper slide.He has become even more bullish over the past few weeks, telling delegates at the seminar that PIRA’s forecast for $56.65 a barrel Brent next year would soon be revised up, according to the Wall Street Journal.Oil prices eventually fell far further than Ross or others anticipated, dropping to 6-1/2-year lows of $45 a barrel in January as U.S. shale producers kept pumping more oil even as they slashed the number of drilling rigs.Prices recovered briefly in the second quarter, then fell again this summer to below $50 a barrel, wrong-footing some like Ross who had expected evidence of rapidly rebounding oil demand and concerns about future supply to set a floor.Ross has been among the more bullish forecasters for much of this year, warning about the thin reserve of spare production capacity that leaves the world vulnerable to unexpected supply squeezes as well as the risk of a future shortage.PIRA, a widely known boutique firm in energy trading circles, was founded in 1976 and has developed a reputation for oil and gas market analysis influential enough to move world prices. We want to hear from you."Whether it be producing or exporting countries, they can't afford to do things that they were doing before.