Arab Today, arab today opec to warn of oil price spike on iran
Last Updated : GMT 06:11:37
Arab Today, arab today
Arab Today, arab today

OPEC to warn of oil price spike on Iran

Arab Today, arab today

Arab Today, arab today OPEC to warn of oil price spike on Iran

Riyadh - Arabstoday

Top exporter Saudi Arabia and other Gulf producers say surging oil markets are beyond their control and prices could spike higher unless tensions between the West and Iran subside. Saudi Oil Minister Ali al-Naimi and OPEC Secretary General Abdullah al-Badri are expected to focus on high oil prices in their addresses to the International Energy Forum gathering of oil ministers and executives on Wednesday, several OPEC sources said. \"Volatility is a concern for us and it can only be resolved if the issue with Iran can be resolved,\" said a Gulf oil industry source. The Forum in Kuwait is one of the biggest gatherings of the oil industry bringing together producing and consuming nations, including the United States the European Union and members of the Organization of the Petroleum Exporting Countries. Gulf OPEC oil ministers said they would prefer to see oil trading at around $100 a barrel, rather than current levels of $124 that they fear could hurt the global economy and lead to a repeat of a spike and subsequent collapse in oil prices in late 2008. Oil prices climbed to 10-month highs and hit an all-time record in euros last month on concern over potential disruption to supplies of Iranian oil. \"Oil prices are on the high side but they are really reacting to what is happening in the Middle East,\" UAE\'s Oil Minister Mohammed bin Dhaen al-Hamli told reporters. High oil prices have become a major headache for Western politicians heading for reelection this year, including United States President Barack Obama, due to fears they could hamper a fragile global economic recovery. \"It\'s starting to hurt, we\'re seeing signs,\" said chief executive of oil major Total Christophe de Margerie. OPEC\'s lead producer Saudi Arabia holds most of the world\'s spare production capacity but oil markets are increasingly worried it would not be enough to fill a supply gap created if Iranian oil exports are disrupted or if Iran reacts to western pressure over its dusputed nuclear programme by trying to close the vital Strait of Hormuz. \"The geopolitical tensions around the Gulf are much more real than before. I hope we will pass 2012-2013 without some kind of a flash point,\" Shihab Eldin, OPEC\'s former head of research, said. Eldin said new oil supply capacity due to come online over the next few years could inflate the spare capacity cushion if diplomacy can stave off any conflict in the Gulf in the meantime. \"If at the moment spare capacity is a little bit on the low side, I think in a year or two you will see it back above average,\" he said.

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*

Arab Today, arab today opec to warn of oil price spike on iran Arab Today, arab today opec to warn of oil price spike on iran

 



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 opec to warn of oil price spike on iran Arab Today, arab today opec to warn of oil price spike on iran

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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