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Report: Oil prices stable in 2007; Rise in demand by China
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SPECIAL TO WORLD TRIBUNE.COM
Tuesday, April 17, 2007
LONDON — Global oil prices were expected to remain stable in the
$55-$65 per barrel range in 2007, a report said.
The Kuwaiti-based Global Investment House said in a report that tensions
in the Gulf forced an oil price increase to the $60 a barrel mark during the
first quarter of 2007. The Iranian crisis came amid the widening of a
demand-supply gap.
"Going forward, we expect oil prices to remain in the same range of
$55-65 per barrel during the year 2007, which will result in high surplus,
thus resulting in another excellent year for GCC [Gulf Cooperation Council]
economies," the report said.
The report said world oil demand was expected to grow by 1.5 to two
percent in 2007. China and the Middle East were expected to contribute most
to the rise in demand.
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