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Oil prices could hit $80 per barrel by 2007
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SPECIAL TO WORLD TRIBUNE.COM
Friday, March 4, 2005
ABU DHABI — Crude oil prices could increase to $80 a barrel by 2007.
OPEC acting secretary-general Adnan Shihab Eddin said the global oil
market could see a major increase in the price of oil over the next two
years. Eddin said OPEC members would not welcome such an increase and
instead favor stability in oil prices, Middle East Newsline reported.
"I can affirm that the price of a barrel of crude oil rising to $80 in
the near future is a low possibility," Eddin told the Kuwaiti daily Al
Qabas. "But I cannot rule out oil prices rising to $80 a barrel within the
next two years."
Eddin said an increase in oil prices could be sparked by interruption of
supplies from a producer nation. He said such an interruption could be as
little as 1 million barrels per day.
Copyright © 2005 East West
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