Arab Today, arab today oil price \should remain\ under 80
Last Updated : GMT 16:33:06
Arab Today, arab today
Arab Today, arab today

Amid growing fears of high crude prices

Oil price \'should remain\' under $80

Arab Today, arab today

Arab Today, arab today Oil price \'should remain\' under $80

Malaysia's energy firm Petronas
Kuala Lumpur - AFP

Malaysia\'s energy firm Petronas Malaysian state energy firm Petronas said Monday that the crude oil market\'s current fundamentals call for lower oil prices. \"Given the current state of market fundamentals and cost environment , I believe prices should remain within the range of $75 to $80 a barrel,\" Shamsul Azhar Abbas, the oil company\'s chief executive officer said at an industry gathering.
Oil was mixed in Asian trade Monday ahead of a key OPEC meeting this week in Vienna, analysts said.
New York\'s main contract, light sweet crude for July delivery, rose eight cents to $100.30 a barrel and Brent North Sea crude for July delivery lost six cents at $115.78.
Referring to the current high oil prices, Shamsul asked: \"How have we reached these price levels, this early in the economic cycle, given the absence of any real evidence of shortages in the physical market?\"
The 12-nation Organisation of the Petroleum Exporting Countries (OPEC) will meet Wednesday in the Austrian capital amid growing fears that high crude prices could further dent faltering world economic growth and energy demand.
Turning to oil demand in Asia, Shamsul predicted that this fast growing region will have consumed more than 250 billion barrels of oil between now and 2030 -- more than six times its current proved reserves of about 40 billion barrels.
Warning that oil production in the region was expected \"to peak and subsequently decline,\" within the next 20 years, he said Asian producers should prolong (oil) field life and step up the hunt for oil to satisfy strong demand.
Shamsul said geology-based assessments have indicated that undiscovered oil in Asia was about 50 billion barrels -- equivalent to one-and-half times the combined proved reserves of Indonesia, Vietnam and Malaysia.
\"Our challenge is thus to make them commercially attractive (for exploration),\" he said.

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 price \should remain\ under 80 Arab Today, arab today oil price \should remain\ under 80

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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