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Sunday, December 14, 2008

Oil price free fall seen continuing in '09 due to Gulf state debts

ABU DHABI — Analysts expect the price of crude oil to continue to fall in 2009.

Gulf analysts said oil-producing states have been saddled with debt and must sell oil at any price.

The analysts said the price of crude oil could drop to $30 a barrel, severely harming several Persian Gulf oil states.

"If external debt is high and needs servicing, some regional producers could have a problem, and we may see major downstream and upstream projects being put on hold," Dalton Garis, an economics professor at the Petroleum Institute in Abu Dhabi, said.

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Garis told the Abu Dhabi-based Gulf News that oil prices would not return to the level of 2006 for at least another two years. He cited the global credit crisis and recession.

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