OPEC can hold crude prices above the lower threshold of its 22-$28 per barrel target range despite Russia's decision to raise output, said Abdullah bin Ali of Saudi-based Arab Petroleum Investment Corp.
Published:
23 July 2002 y., Tuesday
"I believe OPEC is strong enough to support the price above 22 dollars a barrel, and any action by the cartel and Saudi Arabia will rest on demand for oil and the US economy."
Russia earlier this week ended its agreement with OPEC to cut exports, announcing it raised output by 150,000 barrels per day from the beginning of July.
Russia's decision came despite an International Energy Agency forecast that demand for oil will grow by only 250,000 bpd this year, much less than its initial expectation of 420,000.
The low-key Saudi response to the hike came amid reports that Venezeula plans to increase output next year by between 12 and 14%, as well as in the second half of this year.
Šaltinis:
herald.kz
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Today, the Commission published a Communication which outlines the most serious tax problems that EU citizens face in cross-border situations and announces plans for solutions.
more »
The European Commission has opened a formal investigation under EU state aid rules to examine a number of support measures, including several capital injections and shareholder loans, that the Hungarian authorities granted to Malév-Hungarian Airlines in the context of its privatisation and subsequent renationalisation.
more »
Internet and lax customs enforcement drive growth of 600 billion US dollar counterfeit goods industry.
more »
350 million people rose out of poverty in the past decade, but 1.4 billion are still extremely poor, says the latest report into rural poverty.
more »
New plan sets out action to reach 75% employment target for the EU by 2020.
more »
Research Ministers of the EU Member States and Associated Countries, together with the European Commission, are announcing in Brussels today three new pan–European energy research infrastructures.
more »
Algirdas Šemeta, Commissioner for Taxation, Customs, Audit and Anti-fraud, is visiting Moscow today to discuss ways in which customs cooperation between the EU and Russia can be reinforced.
more »
Following on from Monday's debate with ECB President Jean-Claude Trichet, MEPs on Tuesday adopted a resolution, by a show of hands, gauging the ECB's performance in 2009 and suggesting actions to be taken in view of the economic situation.
more »
The European Parliament today approved €10.5 million in European Globalisation Adjustment Fund aid to over 3,000 people in the Netherlands who lost their printing and publishing sector jobs last year, due to the economic crisis.
more »
A diamond-studded gold coin engraved with a picture of the Taj Mahal and worth 100,000 euros is unveiled at the Paris mint.
more »