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
The financial and economic crisis has shown that reckless behaviour of banks and other financial institutions can have serious and costly consequences for Europe's economy and its people.
more »
Local services that create jobs and improve energy efficiency received a boost Thursday (2 September) when MEPs on the Industry, Research and Energy Committee approved plans for more investment.
more »
The European Commission approved the first financing decisions under the EUR 264 million 2010 allocation for the so-called Vulnerability FLEX mechanism to help the most vulnerable African, Caribbean and Pacific countries cope with the impact of the global financial crisis and economic downturn.
more »
The European Commission has today updated the list of airlines banned in the European Union to impose an operating ban on one air carrier from Ghana and to place operating restrictions on another air carrier from that country.
more »
The European Commission today approved an application from Denmark for assistance under the European Globalisation adjustment Fund (EGF).
more »
Algirdas Šemeta, EU Commissioner for Taxation, Customs Union, Anti-Fraud and Audit, will open tomorrow an international conference at the Shanghai World Expo 2010 on building bridges to facilitate trade between China and the EU.
more »
Moldova is set to receive an EU grant of up to €90 million to help it through the financial crisis, following a vote at Parliament's Committee on International Trade on Monday.
more »
Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date.
more »
75% of Europeans think that stronger coordination of economic and financial policies among EU Member States would be effective in fighting the economic crisis, according to the Spring 2010 Eurobarometer, the bi-annual opinion poll organised by the EU.
more »
The European Commission has extended until the end of the year the liquidity support scheme for banks in Slovenia.
more »