American Energy Data Department said that the slight rise of oil prices will increase OPEC members revenues of crude exports of what was expected.But the total will remain less of half of its standard level of last year.
Algerian oil and mines minister Chakib Khelil expects oil barrel price to rise to 80 $ a barrel next year.
Gulf OPEC producers see an oil price of about $50 a barrel as good enough given the global economic slowdown and the seasonal fall in fuel demand, a senior Gulf OPEC delegate said on Monday.
OPEC oil producers are gradually succeeding in tightening the market and oil prices are likely to respond by rallying later this year, oil analysts and economists said on Tuesday.
The Organisation of Petroleum Exporting Countries (Opec) has decided against reducing oil supplies despite concerns over the declining price of crude.
special report issued by OPEC proven oil reserves in Syria amounted to about 4.2 billion barrels of oil, depending on the available data for 2007.
Qatari oil minister Abdullah al-Attiyah Confirmed Sunday his satisfaction with the commitment of the OPEC States Member and their agreement to reductions, while Iran called on the need for cooperation with the oil-producing countries from outside the organization, and comes a week ahead of a crucial meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, the mid – this month.
The President of the Organization of Petroleum Exporting Countries (OPEC) said on Tuesday that he had not yet been determined in the making of any decision to further reductions in production during the scheduled meeting in Vienna on 15 March. This speech is supported by the oil ministers of Kuwait and Libya.
Husain Shahrestani Iraqi oil Minister expected that the ministerial meeting of OPEC next month will result on another decrease of production to push prices to at least 70$ per barrel.
Oil prices tumbled to their lowest level in nearly five years and the price of U.S. light crude to less than 34 dollars a barrel, while Chairman of the Organization of Petroleum Exporting Countries (OPEC) Chakib Khelil said that the stability of oil prices are to rise again.
