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OPEC’s price “basket” has exceeded 70 doll./barr.
6 July 2007It is the first time since August 2006 that the price of OPEC’s oil “basket” has exceeded 70 doll./barr. So, on July, 5th the price of “basket” has officially made 70,22 (+0,46) doll./barr. The parameter was established on the highest mark after August, 10th 2006, when the price of “basket” made 70,94 doll./barr.
At the same time, as minister of oil of Iran has declared at the oil conference, no shortages of oil are observed in the world market and ОPEC does not plan to increase volumes of oil extraction.
Iranian energy minister has also noted that in the oil market the stable prices for hydrocarbons were established and there is no necessity to increase standard items of oil on the world market with the purpose to stop a rise in prices.
Answering a question on, whether the price of barrel of oil will exceed 80 dollars, Iranian energy minister has specified, that in this case it is very difficult to give forecasts how the price situation in the oil market will develop.
Meanwhile in the end of May, 2007, the Minister of oil industry of Kuwait has given the forecast, that ОPEC will face pressure from consumers of raw material, which want to increase extraction and to reduce the prices for oil.
- The price of oil “basket” has reached a historical maximum
- The price of OPEC’s “basket” has established a new record
- The price of OPEC basket has exceeded 64 USD/Barr.
- If the prices for oil fall, OPEC will take new emergency measures
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