Industry & Economy
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Petroleum
`World oil prices likely to settle at $64 up to 2010'
Vimala Vasan
Abu Dhabi
,
Nov. 22
WORLD oil prices are likely to settle at $64 per barrel up to 2010 fuelled by high demand and lack of supplies, an international oil expert has said.
"Looking at oil projects coming on stream in West Asia and Asia and comparing this against demand prospects, we think world oil prices may still stay high at least up to 2010," said Mr Fatih Birol, Chief Economist and Head of Economic Analysis Division at the Paris-based International Energy Agency (IEA).
Mr Birol told the Emirates News Agency (WAM) that the increase in prices would be mainly driven by very high demand expectations and not enough supplies coming to the market. Mr Birol also launched the IEA's `World Energy Outlook 2005: Middle East and North Africa Insights.'
When asked about oil producers' investment to boost refining capacity, Mr Birol said "They are making a lot of efforts to increase refining capacity in Saudi Arabia, Qatar, the UAE and Kuwait. Similar efforts should be made by the consuming countries also in order to ease and stabilise the market,'' he added.
"When oil projects come on stream, we should see some comfort in the market. We not only expect expansion in refining capacity, but also in its upgrading,'' he added. He said an investment of about $480 billion is needed globally to boost refining capacity up to 2030.
" West Asia and North Africa region accounts for 30 per cent of the total global investment in that respect," the report said.
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