Rakyat Sarawak : Undi Pakatan Rakyat

Rakyat Sarawak : Undi Pakatan Rakyat

Sunday, July 27, 2008

OPEC chief sees oil below USD 100

OPEC President Chakib Khelil says oil prices could tumble below USD 100 if the dollar strengthens and Iran's nuclear issue is resolved.

"If the dollar strengthens and if the crisis with Iran is resolved, the trend in oil prices should be to go towards USD 70-80," the head of the Organization of Petroleum Exporting Countries told reporters in the Algerian capital, Algiers on Saturday.

The presence of the US Undersecretary of State William Burns alongside senior diplomats from China, Russia, Britain, France and Germany last week raised hopes of a possible breakthrough in the West's nuclear impasse with Iran.

"I think that (the Iran situation) is the major event, because with the visit of the US official to Geneva they (market players) had to factor in that there would probably not be (an attack)," Khelil said.

"I don't see a fall in demand; I don't see destruction of demand. Supply is the same, or has increased," he said.

Khelil said in the long-term the world should move towards a decreasing oil prices, 'without the interference of geopolitics or of the monetary policy of the US or of others.'

Press TV