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from.– Oil Crisis...is
the world about to be shocked
Oil prices could hit 80 dollars in
next two years: OPEC
Business - AFP
KUWAIT CITY (AFP) - Prices of crude oil could surge to as high as 80
dollars a barrel within the next two years but such a level would not
last long, OPEC's acting secretary general was quoted as saying.
"I can affirm that the price of a barrel of crude oil rising to 80
dollars in the near future is a weak possibility," Adnan Shehab-Eldin
told Kuwait's Al-Qabas newspaper.
"But I cannot rule out (the possibility) of oil prices rising to 80
dollars a barrel within the next two years," he said on Thursday.
"If the oil price rises to this level for one reason or another -- for
example, interruption of supplies from a producing nation by one to two
million barrels a day -- it is not expected to continue for long," he
said.
Shehab-Eldin said a price rise to between 50-60 dollars a barrel for a
period of two years or more will inevitably boost investments to
increase supplies and lead to a drop in demand, eventually reducing
prices.
World oil prices were mixed Thursday after reaching four-month highs in
New York and London the previous day amid a rise in US crude stocks and
jitters over increased global demand.
New York's main contract, light sweet crude for delivery in April, fell
20 cents to 52.85 dollars a barrel in electronic dealing.
It had jumped 1.37 dollars to close at 53.05 dollars a barrel on
Wednesday, the highest close since October 26.
In London on Thursday, the price of Brent North Sea crude oil for
delivery in April gained 18 cents to 51.40 dollars a barrel.
Shehab-Eldin said it was in the interest of OPEC and other countries not
to see "big and surprising spikes in oil prices, but a gradual balance."
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