Arab Today, arab today oil could climb to record in 2012
Last Updated : GMT 00:34:19
Arab Today, arab today
Arab Today, arab today

Oil could climb to record in 2012

Arab Today, arab today

Arab Today, arab today Oil could climb to record in 2012

New York - Arabstoday

Crude oil may rise for a fourth year to a record average price in 2012 as demand in emerging markets increases and the United States avoids a recession. West Texas Intermediate oil on the New York Mercantile Exchange will reach an average of $100 (Dh367) a barrel in 2012, based on the median of 27 analyst estimates compiled by Bloomberg, topping the all-time high of $99.75 set in 2008. The US benchmark is on course to average $95 a barrel this year. Evidence that stimulus measures are reviving the US economy while countries from India to Brazil keep expanding is raising the outlook for oil consumption next year. Global demand will climb 1.4 per cent, with China accounting for more than a 10th of the amount used, according to the International Energy Agency (IEA.) Crude in New York advanced eight per cent in the year through Thursday. \"High prices come from very well-supported fundamentals,\" said Mike Wittner, the head of oil-market research at Societe Generale in New York. \"Supplies are very tight, at five-year lows in the world\'s leading economies,\" said Wittner, who projects West Texas Intermediate oil will average $103 a barrel in 2012. Industry-held supplies in the 34 members of the Organisation for Economic Cooperation and Development (OECD) fell 1.4 per cent to 2.63 billion barrels in October, leaving them below the five-year average for a fourth month, the IEA said in a December 13 report. Stockpiles of heating oil and diesel held in OECD countries dropped 23.1 million barrels to 538.4 million in October, a three-year low. \"We need to see prices rise to a level where we get supply and demand to balance without drawing on inventories,\" David Greely, head of energy research at Goldman Sachs Group in New York, said by phone on December 15. A worsening of Europe\'s debt crisis or an escalation of tension between Iran and the US and its allies over the country\'s nuclear programme would negate present oil price projections, Wittner said. Eurozone explosion \"Saying the market will be broadly range-bound may sound boring but there are big risks out there,\" said Wittner, the second-most accurate forecaster for Brent among analysts ranked by Bloomberg in the past eight quarters. \"The risk of a Eurozone explosion isn\'t a little bearish, it\'s a lot bearish. The risk of an escalation of the Iranian situation isn\'t a little bullish, it\'s a lot bullish.\" Iran pumped 3.56 million barrels of crude a day in November, according to a Bloomberg News survey of oil companies, producers and analysts. It trailed only Saudi Arabia among Organisation of Petroleum Exporting Countries (Opec) member countries. Crude prices more than doubled in 1979 when Shah Mohammad Reza Pahlavi was toppled, slashing the nation\'s oil exports. \"Iran remains the wild card,\" said Chip Hodge, who oversees a $9 billion natural-resource bond portfolio as senior managing director at Manulife Asset Management in Boston. \"If conflict rears its ugly head, prices will surge.\" The European benchmark grade has advanced to a record average of $110.98 a barrel this year. It will be $109 in 2012, according to the median of 28 analyst estimates compiled by Bloomberg. \"Brent has averaged a little more than $110 a barrel this year and inventories have drawn consistently throughout the year, telling us that demand exceeds supply at $110 a barrel,\" Greely said. The collapse of Libyan exports and field maintenance in the North Sea cut supply and helped increase prices this year. Libyan output rose 155,000 barrels to 500,000 a day in November, the highest level since February, the survey showed. Production had tumbled from 1.585 million barrels a day in January, the last month before an uprising against the government of Muammar Gaddafi disrupted output.

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*

Arab Today, arab today oil could climb to record in 2012 Arab Today, arab today oil could climb to record in 2012

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday