More news on higher oil prices

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Sun 12 Sep 2004 11:52
More news on higher oil prices - andymc {P}
From the Observer online
www.guardian.co.uk/oil/story/0,11319,1302395,00.ht...l

Some of the key quotes are:
"Opec ... is poised to raise its target price range for a barrel of crude this week - delivering a harsh message to oil-guzzling economies to get used to a $30 floor under prices.
Ministers from Opec's member nations ... will discuss the future of the $22 to $28 target band, which has been breached continuously since December last year."

" ... analysts say the basic problem is the fastest growth in demand for a generation, coupled with long-term underinvestment in oil infrastructure."

" ... the current price rise also reflects an underestimate of how quickly production from mature fields, including in the North Sea, would decline. Britain recorded a trade deficit in oil in July for the first time in 13 years."


--
andymc
Vroom, vroom - mmm, doughnuts ...
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