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10/23/07

CGES: Oil prices could average $100 by next spring

London, Oct 23, IRNA - The Centre for Global Energy Studies has again revised upwards its oil price forecasts for the next year, following rates breaking through the Dlrs 90 per barrel for the first time last week.

"Should OPEC fail to respond fully to rising demand, allowing production to drift upwards only slowly over the course of the year, oil prices would rise more steeply over the coming winter months," the London-based centre said in its latest monthly report.

In this case, it suggested that Dated Brent crude would continue to increase to an average of almost 90 dpb in the first three months of next year and to 100.2 dpd in the second quarter.

"Brent prices would average 96 dpb, with the OPEC Basket of crudes exceeding 90 dpb and generating oil revenues for the cartel's members of more than Dlrs 1 trillion in 2008," the report said.

A more conservative scenario, based on a weakening of global oil demand growth, forecast that Brent crude would rise to an average of 87.9 dpb by the second quarter and around average of 78.5 dpb for 2008, compared with around 75 dpb it forecast last month.

The continuing record prices were blamed on global production barely rising over the past two years that has left the world short of oil.

... Payvand News - 10/23/07 ... --



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