Green Car Congress  
Go to GCC Discussions forum About GCC Contact  RSS Subscribe Twitter headlines

« Zakaria: 500 MPG with Plug-ins and Biofuels | Main | South Dakota Sentate Rejects Biodiesel Incentive »

Print this post

OPEC: $80/Barrel Possible

3 March 2005

AFP. OPEC’s acting secretary general Adnan Shehab-Eldin told Kuwait’s Al-Qabas newspaper that he sees the possibility—if not the probability—of oil hitting $80 a barrel within the next two years.

His remarks came shortly before crude oil surged back above $55 a barrel in New York on Thursday, less than $1 short of a record, and reached a record in London on speculation that increasing consumption will outpace production this year. (Bloomberg).

Demand is still growing, particularly in China, and there is only a finite supply of oil out there, said Tom Bentz, an oil broker at BNP Paribas Commodity Futures Inc. in New York.

In February, Saudi oil minister Ali al-Naimi, predicted that crude prices would stay between $40 and $50 throughout 2005. Shehab-Eldin indicated that OPEC consensus was also firming around that price range as likely.

Last year, you may remember, OPEC, and most analysts, kept insisting that prices would drop back down from the $50 range to a more “sustainable” range—more on the order of $28–$35.

With predictions of 2005 bringing a drop in oil prices clearly in the rubbish bin, and future price increases ultimately on the way, OPEC is starting to put the $80 number out in the market.

March 3, 2005 in Oil | Permalink | Comments (0) | TrackBack (1)

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c4fbe53ef00d83421d22153ef

Listed below are links to weblogs that reference OPEC: $80/Barrel Possible:

» The Week in Sustainable Transportation from WorldChanging: Another World Is Here
Every Sunday, Green Car Congress' Mike Millikin gives us an update on the week's sustainable mobility news. Green Car Congress is by far the best... [Read More]

Comments

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Green Car Congress © 2014 BioAge Group, LLC. All Rights Reserved. | Home | BioAge Group