In a few days’ time, we will be saying “that was the year that was” which could mean good, bad or in between, depending on one’s perspective.
As for oil producers, they could very well cautiously celebrate the end of a tumultuous year where the price of the Opec (Organisation of Petroleum Exporting Countries) basket of crude oils rose from about $107 (Dh392.9) a barrel at the beginning of the year to approximately $123 a barrel as an average for March before falling sharply to about $94 for the month of June.
At that time, there was the fear that prices are heading further downward but contrary to that, prices rose again and settled for the rest of the year in a range of $100 to $110 a barrel. The average in 2012 so far is closer to $110 a barrel, which is about $2 higher than 2011 and $30 higher than 2010.
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