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
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