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Friday, December 19, 2008

Bank sees unrest in Iran due to 'worst global economic contraction' since great depression'

ABU DHABI — The sharp drop in the price of crude oil will continue in 2009, a European bank projected.

Saxo Bank said the price of a barrel of oil would reach $25 amid global economic decline. The Danish bank said low prices would spark unrest in such oil-producing countries as Iran.

"There will be severe social unrest in Iran as lower oil prices mean that the government will not be able to uphold the supply of basic necessities," Saxo Bank chief economist David Karsbil said.

"Crude will trade at $25 as demand slows due to the worst global economic contraction since the great depression."

Also In This Edition

The report was issued amid OPEC plans to cut oil production by 4.2 million barrels per day. On Dec. 18, the price of oil fell below $40 per barrel.
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