minister expects oil price around 100
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Minister expects oil price around $100

Arab Today, arab today

Arab Today, arab today Minister expects oil price around $100

Abu Dhabi - Arabstoday

Sultan Al Mansouri, the Minister of Economy, expects oil to trade between US$80 and $100 a barrel this year as the crude market continues to be buffeted by volatility.Brent Crude, the benchmark for oil sold into Europe, hit a 16-month low of $95.63 a barrel yesterday after falling for a fifth consecutive day on negative economic data out of China and the United States. Prices later recovered to trade at about $97.90 a barrel. "My expectation is it will hover between $80 and $100 depending on the situation - it could be more than that," Mr Al Mansouri said yesterday. He did not specify which benchmark he was referring to, but said oil sales this year had averaged at about $112 a barrel, allowing for a GDP growth of 3 per cent. "As long as it hovers around $100, it is the right price," said Mr Al Mansouri. Oil traded on the New York Mercantile Exchange sold for about $83 a barrel yesterday. The Opec basket price, the average price of oil sold by the producers' organisation, stood at more than $97 a barrel on Friday. Both Brent and the Opec basket crashed through the $100 a barrel barrier at the end of last week, driven by the woes of the euro zone and a worsening global outlook. The precipitous drop in the price of oil during the past week will mean a significant decline in oil revenues for the Gulf if current production levels are sustained, said Giyas Gokkent, the chief economist at the National Bank of Abu Dhabi. "A $10 decline in the price of oil for the GCC as a whole can mean $60 billion of difference," he said. Prices shot up at the beginning of the year as tensions in the Gulf led to concerns over a closure of the Strait of Hormuz, the waterway that carries one fifth of global exports, and fears that sanctions on Iran would leave the market in short supply. Since then Europe's slump, with several countries back in recession, and increasing economic headwinds in Asia and the US reversed that pricing trend. Declining inventories and the continued prospect of reduced Iranian exports have experts predicting oil prices will rally later in the year.from the National news.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

minister expects oil price around 100 minister expects oil price around 100

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

minister expects oil price around 100 minister expects oil price around 100

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday