Craig Pennington Quotes


With oil prices at $60 a barrel it was a foregone conclusion they were not going to cut. If you do see disruption from Nigeria, if you do see disruption from Iran, the oil price will go substantially higher from here. So OPEC is reluctant to start turning the taps off just now. - Craig Pennington



We've been hearing about restarts and the system will be slowly getting back on its feet. There is a deficit of supply so anything that comes from outside the U.S. is going to be required and will help the situation. - Craig Pennington



We had a warm start to the winter but now it is starting to look a bit ugly. The focus will be on cold weather for some time to come. - Craig Pennington



There isn't the spare capacity to make up for the missing production in the Gulf of Mexico. OPEC used to have 4 to 5 million barrels of spare capacity. That's down to about 1.5 million barrels a day this year. - Craig Pennington



There is an increasing challenge for OPEC next year. If you look at what people expected last year, non-OPEC supplies have disappointed and demand has been stronger. The result has been in OPEC's favor. But next year will be tougher. And they will not want prices to drop below $50 a barrel. They will need to cut production. - Craig Pennington