Where Is Crude Oil heading ??

• Oil prices may crash as low as $10 a barrel, says Devina Mehra, chief strategist at First Global.

• Iran wants 100 dollar Oil

Iran's oil minister said he considered the "real price" for a barrel of crude should be more than $100 and a senior Iranian official said OPEC needed to cut oversupply from the market

• By the end of Q3 '09, analysts expect oil to be at $71.5. Expectations are for $83 by the end of 2010, $100 by the end of 2011, and $95 by the end of 2012. Based on these estimates, analysts aren't expecting the speculative high of $145 to be reached at any time over the next four years

• Goldman Sachs lowers Oil Outlook

Goldman Sachs, one of the largest energy traders in the markets, loewred its 2009 price forecast for crude oil to 45 dollars a barrel. Goldman Sachs last estimate for 09 was 40% higher.

• Global oil consumption will drop this year for the first time since 1983

Global oil consumption will be less than last year`s for the first time since 1983. The economic slowdown in the US and in Europe and slower growth in China cuts gasoline and oil demand, according to IEA.

THE OPEC MEETS ON DEC 17 TO DECIDE ON MAGNITUDE OF PRODUCTION CUTS. A view is that OPEC meet should be a non-event. Nobody real believes OPEC might really cut production even if they announce a big cut. They need to sell all the oil they can to balance their budgets.


Click here to download the OPEC's monthly oil report .