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Title: Iraqi Expert Predicts Price Rise in World Oil Markets Summary: An Iraqi Oil Ministry official said on Monday that oil prices in the world markets are expected to rise in the second half of this year.Source: Xinhua News Agency
Subject(s): News; Newsgrid; Oil; Opec; Petroleum; Prices; XIN Iraqi Expert Predicts Price Rise in World Oil Markets
Story Filed: Monday, February 07, 2000 2:45 PM EST
BAGHDAD (Feb. 7) XINHUA - An Iraqi Oil Ministry official said on Monday that oil prices in the world markets are expected to rise in the second half of this year.
Sadalar Fathi, an oil expert in the ministry, said that as long as members of the Organization of Petroleum Exporting Countries (OPEC) stick to the prices agreed upon in last year's OPEC ministerial meeting, oil prices in the world markets will continue to rise. He did not elaborate.
He was quoted by the official Iraqi News Agency as saying that because some oil consumers are still storing large quantity of oil, OPEC members need to maintain reduction level in oil production by 1.7 million barrels per day and non-OPEC members 400,000 barrels per day as agreed upon last year.
He said that it is reasonable for oil prices in the world markets to maintain at the level of 24-25 U.S. dollars per barrel. Last week oil prices rose to 27 dollars per barrel in the world markets.
Fathi said the average oil prices per barrel dropped to 17 dollars in 1998, and plunged to as low as 12 dollars per barrel for some time.
He hoped that the OPEC ministerial meeting to be held in Vienna in April would evaluate measures to be taken for balancing supply and demand.
He added that these measures will hopefully lead to further reduction in oil stockpile and more reasonable oil prices in the world markets.
Meanwhile, he hoped that non-OPEC members would support resolutions that will be adopted by OPEC members and continue to maintain the current reduction level in oil production.
Copyright ) 2000, Xinhua News Agency, all rights reserved.
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-- Dee (T1Colt556@aol.com), February 07, 2000
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-- Dee (T1Colt556@aol.com), February 07, 2000.