ID :
195705
Tue, 07/19/2011 - 06:40
Auther :
Shortlink :
https://oananews.org//node/195705
The shortlink copeid
Crude oil prices to edge down in H2: report
SEOUL, July 19 (Yonhap) -- International oil prices are expected to drop slightly in the second half from six months earlier on improved political situations in the Middle East and rising crude production, a report said Tuesday.
According to the report by the Korea National Oil Corp. (KNOC), the benchmark Dubai crude, which makes up the bulk of South Korea's imports, will hover around US$100 per barrel in the July-December period.
The figure is down from the crude's average price of $106 per barrel in the January-June period, which jumped 36 percent from last year due mainly to political unrests in the oil-rich region.
"Global crude oil prices are expected to level off in the second half as Middle Eastern countries will experience political stabilization, and nations of the Organization of Petroleum Exporting Countries (OPEC) will increase output," said the KNOC in the report.
Oil prices will also likely come under downward pressure due to a stronger U.S. dollar and developing countries' measures to roll back stimulus measures, it said.
In the long term, the KNOC said that international oil prices will likely increase 2 percent annually during the 2012-2016 period with the growth rate going up to 2.3 percent between 2016 and 2030.
"Growth in demand for oil is faster than supply growth by non-OPEC countries. This will put upward pressure on oil prices over the long haul," said the KNOC.
According to the report by the Korea National Oil Corp. (KNOC), the benchmark Dubai crude, which makes up the bulk of South Korea's imports, will hover around US$100 per barrel in the July-December period.
The figure is down from the crude's average price of $106 per barrel in the January-June period, which jumped 36 percent from last year due mainly to political unrests in the oil-rich region.
"Global crude oil prices are expected to level off in the second half as Middle Eastern countries will experience political stabilization, and nations of the Organization of Petroleum Exporting Countries (OPEC) will increase output," said the KNOC in the report.
Oil prices will also likely come under downward pressure due to a stronger U.S. dollar and developing countries' measures to roll back stimulus measures, it said.
In the long term, the KNOC said that international oil prices will likely increase 2 percent annually during the 2012-2016 period with the growth rate going up to 2.3 percent between 2016 and 2030.
"Growth in demand for oil is faster than supply growth by non-OPEC countries. This will put upward pressure on oil prices over the long haul," said the KNOC.
