Oil prices will rise in the second half of 2010, due to an increase in demand by between 1-1.4 million bpd, Iran’s OPEC governor has stated.
“Based on projections, the global demand for oil in the second half of 2010 will increase on average by 1-1.4 million bpd, and this will push up oil prices,” Mohammad Ali Khatibi, was quoted as saying in daily paper Mardomsalari.
Oil prices rose towards $80 a barrel last week, due to refinery strikes in France and tension caused by Iran’s nuclear programme. However there have also been fears expressed that US monetary tightening could slow demand growth in the country.
Ali Khatibi has also been quoted as saying OPEC is unlikely to raise its output ceiling at its next meeting in March. “It seems unlikely that OPEC members would make any decision towards an increase in the organisation’s output ceiling in their next meeting,” he was quoted as saying on state news agency IRNA.
