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12/17/07

Austria's OMV in gas transfer talks with Iranian party

Vienna, Dec 17, IRNA - Chairman and Chief Executive of Austrian Oil and Gas Group (OMV AG) Wolfgang Ruttenstrofer said talks are underway on a project on transfer of liquid gas from Iran to Austria.

Monday issue of Austrian daily Uberstreichen Nachrichten quoted Ruttenstrofer as saying that Iranian gas fields are the biggest in the world and his company will undertake a part of a exploration project on which it is highly skilled.

Asked on the US pressures in that connection, Ruttenstrofer said his company has thus far observed current regulations.

A Dlrs 30 billion contract was signed between OMV AG and National Iranian Oil Company for transfer of liquid gas from Iran to Austria.

Oil prices expected to be higher next year unless we have recession

London, Dec 17, IRNA - The Centre for Global Energies Studies (CGES) Monday suggested that only a world recession will make the average price of oil in 2008 to be lower than this year.

In its last monthly report for 2007, the London-based centre predicted that that oil prices were most likely to average 82.4 dollars per barrel (dpb) next year almost 10 dpb than this year.

Its reference scenario was that the average price of benchmark Brent crude would rise to a peak of 92.5 dpb during the first quarter of 2008 before gradually falling to below 80 dpb in the third quarter.

CGES forcested that, with a cold winter, average prices could remain well over 90 dpb through the first half of next year. In the event of resilient demand, it suggested that rates will continue to rise, averaging 105.5 dpb for the whole of 2008.

But with the risk of a recession in the US and possible knockon effects on China's export-driven economic affecting oil demand, oil prices could begin to weaken from the start of 2008.

In such a secnario, it predicted Dated Brent averaging $87/bbl in the first three months of next year could steadily fall to average just 43 dpb in the final quarter, yielding an annual average of 66 dpb, some 9 per cent down on 2007's average.

"In this case OPEC is unlikely to be able to resist the pressure to cut production in an attempt to support the oil price, but this could push the world even deeper into recession, undermining further what little oil demand growth remains.

... Payvand News - 12/17/07 ... --



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