Oil prices to revolve around $100 pb till 2011 end: expert

Oil prices will revolve around $100 till the end of this year, Kuwaiti oil expert Mohammed Shatti forecast, citing several factors including the drop of oil supplies from outside the Organization of Petroleum Exporting Countries (OPEC).

In statements to KUNA, Shatti estimated the increase in oil demand this year at 2.1 million barrel per day, citing global reports based on the forecasts of a slowdown in the pace of global economy growth during the second half of 2011.

He pointed out that all indicators show that OPEC production will remain unchanged in 2011, which means a reduction in demand for oil and continuing withdrawal from oil inventories by industrialized countries.

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