12.11.15. First Titan Corp says it has been watching reports of recent tensions among OPEC members and believes the bickering could foreshadow the end of the world crude price war that has shaken the American oil & gas industry.
The company continues to move aggressively with its acquisition plans and due diligence into the service and enhanced oil recovery markets, moves it is confident will place it in a strong business position once the industry recovers.
FTTM said the UAE’s oil minister has predicted crude prices are due for a “correction” in 2016. This follows news of strains among OPEC members in Abu Dhabi. When the UAE announced it was increasing production to make up for revenue shortfalls, Oman’s oil minister called the price war, now negatively affecting even OPEC, “irresponsible” and a “man-made crisis,” according to published reports.
“Clearly the cracks are beginning to show in OPEC’s once-solid façade,” said FTTN CEO Sydney Jim. “How long can the cartel hold out? Once they relent, the whole global market could change overnight. We’re ready for that scenario. Our forward-looking business plan will allow us to take advantage of any price rebound. That plan features value-based acquisitions and expansion into promising secondary markets. We’re committed to the long-term and to increasing shareholder value.”
One analyst is predicting oil prices will surge to $130 a barrel by 2017. This comes amid signs the global oil glut may be ending.