Oversupply and continually growing global stockpiles have led Morningstar Inc.’s David Meats to write that oil prices, in the near term, will remain “ugly.” In a recent report, Meats pointed out that, while West Texas Intermediate prices did reach a high in late March, they have been dropping. This could be due to forecast output from the Middle East.
In a related story, Dominick Chirichella with the Energy Management Institute indicated that an upcoming meeting between OPEC and non-OPEC producers to discuss a freeze in oil output could be postponed. Even if a freeze occurs, he said, Iran will likely not be part of that agreement.
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