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Oil Prices not to exceed $80 for next Quarter


Middle East : 16 April

Opec stated yesterday that they felt oil prices would remain at between $70 and $80 for the foreseeable future provided the economic forecast continued to be favorable.

In their monthly report Opec predicted that world oil demand would increase by 900,000 barrels per day in 2010 and this is actually 20,000 barrels per day higher that they had previously thought which is also higher than the demand that had been previously predicted for the year.

However conditions in the world economy are also better than predicted which the report states will keep oil prices constant at between $70 and $80 per barrel.

Opec also cited an increasingly favorable outlook for the US economy from positive information reported about their recent manufacturing, employment and financial data should help to keep demand stable.

The International Energy Agency are even more optimistic than Opec that demand will increase because of new emerging markets that could even cause oil consumption to reach a new high level during 2010.

Most of the extra demand for oil will be supplied by countries outside of those currently in Opec  and the report said supply by this sector would increase by approximately half a million barrels per day and this in an increase of 90,000 barrels per day from last months estimate.

Andrew Reid, Staff Writer, Gulf Jobs Market News
14 April

Oil Production set to Increase by Several Million Barrels per Day

The International Energy Agency stated yesterday that it is expected that the world’s oil producers will on average produce an additional million barrels per day during the second quarter of this year. It is also estimated that it will be Asia and China who will increase their production the most significantly.
Demand is now beginning to [...]

10 April

New Board elected for the Middle East Oil Corporation

A meeting of the Middle East Oil Corporation was held last Thursday which culminated with the election of new Directors. This Corporation is a progressive oil and gas exploration development company based in the Middle East.
The Board of Directors now has three members i.e. Dr. Karim Akrawi, Mr. Miloud Bekkoucha and Mr. Abdulkadir Al-Nakid.
Their credentials [...]

09 April

Saudi will Supply all its Contracted Oil to the Asian Market this May

At the close of market yesterday it had been confirmed that Saudi Arabia would be supplying all its contracted levels of crude to its Asian customers during the course of May.  They have been supplying all its nominated crude oil since January apart from April when the volume was 10% lower than expected.  [...]

08 April

Red Sea Exploration Contract to be Awarded by Saudi Aramco

Sa’ad Al Akeel who is the chief executive officer of a company called Argas has just stated that they have just put in a bid to win contracts from Saudi Aramco to drill for oil in the deepwater of the Red Sea.
Argas is competing with many other companies who also want to seal this lucrative [...]

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