Oil prices set for 'sustained increase' over winter
ABU DHABI — The price of crude oil was expected to significantly
increase over the next few months.
A leading Saudi executive said the forthcoming winter would dry up oil
supplies and reverse the sharp decline in supplies. They said the expected
boost in prices, now hovering at $60 per barrel, would not be hampered by
the global credit crisis, Middle East Newsline reported.
"Global energy demand is set for a sustained increase, notwithstanding
the current dip in consumption and the widespread uncertainty we see in the
global economy," outgoing Saudi Aramco chief executive officer Abdullah
Jumah said.
"Demand growth in developed nations will moderate, flatten or
even decline
in some major markets. However, energy demand in developing countries is
rising rapidly and will more than offset declining demand growth in advanced
economies."
Jumah said the current low oil prices were threatening energy
investment. He said another drop in prices could harm investments
required to maintain oil supply levels.
