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Monday, 8 August 2016

Analysts sceptical about oil crossing $50 per barrel this year | GulfNews.com

Analysts sceptical about oil crossing $50 per barrel this year | GulfNews.com:

"Analysts are sceptical about oil prices crossing the mark of $50 (Dh183.5) per barrel this year despite the president of the Organisation of the Petroleum Exporting Countries (Opec) expressing optimism that oil prices are on the path to recovery due to increase in demand from oil consuming countries.
In a statement Opec president Dr Mohammad Bin Saleh Al Sada said big drop in capital expenditure in oil and gas projects this year and the last year and further curtailment of investments in the next four years will lead to tightening of the oil markets and drop in oil supply.
“The current bear market is only temporary and oil price would increase during later part of 2016,” said Al Sada in a statement."



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