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Commodities Briefing - Categorized | Oil, Price Watch more

Opec upbeat on 2013 crude oil price

Posted on 29 January 2013

Opec has struck an an upbeat tone about the oil market for this year, anticipating prices of around $110 a barrel on average for 2013. Abdalla El-Badri, Opec secretary-general, added that the oil cartel, which accounts for 40 per cent of global oil supplies, would probably keep its production stable for the time being, after member countries cut output in November and December.
“As of now I think the situation is really improving,” he said. Speaking about the outlook for the oil market, he added: “When I see growth in China is improving, growth in India is improving, when I see growth in the US is improving, I think that unless something dramatic happens in 2013, it will be a repetition of 2012.”……………………………………….Full Article: Source


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