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Article: ABU DHABI - Hamili On Oil Price Defence Level & Supplies To Asia.
- Article from:
- APS Review Oil Market Trends
- Article date:
- January 24, 2005
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Hamili, the new UAE energy minister, believes the average price of front-month WTI should be defended at more than $35/b by OPEC, so that the organisation can preserve the cash value of its basket price of seven crude oils. This is in view of the steep fall in the value of the US dollar since 2002. For OPEC's basket price band, which has been ignored since late 2002, he said this should be raised from $22-28 to $30-38/b.
Addressing a regional oil consumers and producers conference in New Delhi on Jan. 6, Hamili said the UAE was ready to supply more oil to Asia. He forecast oil demand in Asia to rise 50% by 2010 and more than double by 2020, adding: "This Asian ...