Oil prices to remain high this winter; calls on OPEC to raise production - CGES |
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Mon, 22 Oct 2007 12:27
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LONDON (Thomson Financial) - The Centre For Global Energy Studies has said that oil prices will remain high this winter due to lack of supply in the market, and has called on OPEC to increase production.The think tank said that, 'The output increase announced recently by OPEC is too little, too late to bring prices down this winter. The world has been kept short of oil this year and stocks have fallen counter-seasonally in the third quarter of 2007.'Global oil production has barely increased over the past two years, while demand has risen by more than 1 mln bpd.'Without more oil from OPEC, prices will continue to rise over the winter.Oil recently hit an all-time high above 90 usd in New York.In September, OPEC pledged to increase output by 500,000 bpd as of November 1 2007.d.sheppard@thomson.comds1/ds1/rwCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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OPEC blames speculators for spike in oil price; no hint of further output rise 