Originally published February 12 2006
OPEC president expects oil prices to hover between $45 and $55 per barrel through 2007
by Mike Adams, the Health Ranger, NaturalNews Editor
During an interview with Russian newspaper Vremya Novostei, Organization of Petroleum Exporting Countries president Sheikh Ahmad Fahad Al-Ahmad Al-Sabah said he expects the price of oil per barrel to hover somewhere between $45 and $55 through 2007, unless demand for oil increases during that time.
Oil prices should hover between $45 and $55 a barrel through 2007, the president of the Organization of Petroleum Exporting Countries told a Russian newspaper in an interview.
"After two years, it's possible oil production will rise, and then everything will depend on demand," Sheikh Ahmad Fahad Al-Ahmad Al-Sabah told daily paper Vremya Novostei.
"If not, they will fall a little bit."
The 11-member oil-producer's group will meet Jan. 31 to consider lowering production in the spring, Sheikh Ahmad said.
The group's decision will depend on how much oil prices fall, should oil demand drop as northern hemisphere temperatures rise.
Capping off a brief visit to Moscow aimed at improving cooperation between OPEC and Russia, the world's largest non-OPEC oil exporter, Sheikh Ahmad said OPEC views Russia as a partner rather than competitor.
"We want to coordinate our work" with Russia, he said.
Sheikh Ahmad said he hoped Russia would represent oil-producers' interests to consumer countries when it takes over the presidency of the Group of Eight countries starting Jan. 1.
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