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Article: Opec more optimistic about world economy

Article from:
The Irish Times
Article date:
May 29, 2009
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THE ORGANISATION of the Petroleum Exporting Countries (Opec) yesterday delivered its most optimistic message about the global economy and the oil market since the start of the financial crisis last summer triggered a precipitous fall in prices from a record $150 a barrel to $30 a barrel.

"We are beginning to see light at the end of the tunnel," said Abdalla El-Badri, Opec secretary-general, after the cartel agreed to leave its production level unchanged, betting that the global recovery would push oil prices to $75-$80 a barrel.

"We are seeing [oil demand in] the US picking up," Mr El-Badri added. "But, above all, which is the most important, we are seeing demand in China and India and Asia ...

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