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Goldman Sachs: this year Prices for oil will exceed $90/barr.
17 July 2007The prices for oil can already exceed 90 doll./barr this autumn., and 95 doll./barr. - by the end of year. Such forecast has been represented in the report of American investment bank Goldman Sachs.
In opinion of Goldman Sachs’ experts such substantial increase of the prices will occur in the case if OPEC keeps extraction at a present level. This month prices for the American oil have practically reached 74 doll./barr. because of a great demand and a low level of deliveries, and these fundamental parameters can worsen, if OPEC key members will not raise extraction.
It has been also mentioned in the review that the increase in volumes of an oil recovery in Saudi Arabia, Kuwait and the United Arab Emirates by the end of this summer is critical to avoid rise of the prices above 90 doll./barr.
OPEC has decided to reduce extraction on 1,7 million barr. since November, 2006. Now daily extraction is reduced on 850 thousand barr. in comparison with reduction on 1,1 million barr. in the beginning of year. World demand for oil has grown on 1 million barr. a day in comparison with the similar period of the last year.
On results of Monday tenders the cost of barrel Texas Light Sweet has reached 74,15 doll./barr. The tenders on North Sea Brent have come to the end on a mark of 77 dollars 33 cents for barrel.
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