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  • 08 Jun 09
    theenergynet
    Energy Net

    The Business Insider reports that OPEC is expecting oil at US$75 a barrel by the end of the year - Even If Oil Hits $90, OPEC Won't Increase Production.

    Oil prices could reach $80-$90 a barrel by early next year, but OPEC will not increase its output until a huge amount of over-supply has been absorbed, the group's Secretary General said on Tuesday.

    OPEC officials have been nudging up their price aspirations since Saudi Arabia's oil minister said last week an oil price of around $75 could be achieved later this year and would not undermine a tentative global economic recovery.

    "The price will go to $80-$90 maybe at the beginning of 2010," OPEC's Abdullah al-Badri told the Reuters Global Energy Summit.

    "I don't think the price will go down... By the end of the year we'll see $75. $80-$85 is possible -- not with the demand we see at this time, but if demand picks up month after month, then maybe we'll see this price."

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