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OPEC: Oil to stay above $50 during next two to three years.
By Elio Ohep
Petroleumworld
CARACAS
Petroleumworld.com 03 28 06
Adnan Shihab-Eldin, OPEC head of research anticipates world oil prices will stay above $50 a barrel over the next two to three years, while OPEC's reference crude will stay at or above $40, Shihab-Eldin said Tuesday, Reuters reported."In the near future, I mean over two to three years, the OPEC basket price will not go below $40," Shihab-Eldin said Monday at a conference.
He also predicted U.S. light sweet crude would stay above $50 a barrel over the same time period.The OPEC basket, is comprised of 11 crudes, generally discounted at $6 to the WTI, U.S. crude.
OPEC's reference basket price was steady at $58.02/bbl Monday, while the price of U.S. light crude was higher at 65.78 at closing.
OPEC president Edmund Daukoru, said earlier in the month the group was aiming to keep U.S. crude oil between the upper $50s to lower $60s.
At its meeting March 8, OPEC agreed to keep pumping at 28 million bpd for the next 3 months, to try to keep prices at the present levels.
Shihab-Eldin predicted theOPEC's output capacity would rise 5 million to 5.5 million barrels per day by 2010 against end-2004 levels.
- Elio Ohep, editor@petroleumworld.com, 58 412 996 3730, Caracas.
Petroleumworld News 28 03 06
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