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Power & Materials 8/30/2011 8:40:00 PM
Economists By Osama Jalal KUWAIT, Aug 30 (KUNA) -- *****Two Kuwaiti oil experts argued Tuesday that there will be neither drastic fluctuation in the oil prices before the end of 2011, nor fear about the outlook of oil as the main source of energy.*****
"The world energy market was shaken by the accident of Japan's Fukushima nuclear power plant on March 11 and the crisis of Libya which brought back the focus on oil as the main fuel," Abdulhamid Al-Awadhi, a strategist in oil refining, said in statements to KUNA here.
"The possible resumption of oil production in Libya which used to produce some 1.6 million barrels per day (bpd) will control the rising trend of the oil prices," he pointed out.
*****Al-Awadhi predicted that the Brent crude will range between USD 105 and USD 115 pb till the end of the third quarter of 2011.*****
"The geopolitical factors such as Hurricane Irene in US east coast and the instability in the Middle East, notably Syria, will impact the world energy market," he added.
On his part, Khalid Boody, an oil expert, agreed that the natural disasters and geopolitical instability in some oil-rich countries are destabilizing the energy market and the world economy at large.
*****"The debt crisis of the Euro-zone constitutes the biggest challenge for the world economy at present. If this crisis exacerbates, it will definitely hamper the economic growth and thereby putting cap on the demand on oil," he explained.*****
Boody added that Brent prices will range between USD 95 and 105 pb till the end of the year provided that there are no abrupt eventualities such as a foreign intervention in Syria.***** (end) osj.tb.gb KUNA 302040 Aug 11NNNN
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Economists By Osama Jalal KUWAIT, Aug 30 (KUNA) -- *****Two Kuwaiti oil experts argued Tuesday that there will be neither drastic fluctuation in the oil prices before the end of 2011, nor fear about the outlook of oil as the main source of energy.*****
"The world energy market was shaken by the accident of Japan's Fukushima nuclear power plant on March 11 and the crisis of Libya which brought back the focus on oil as the main fuel," Abdulhamid Al-Awadhi, a strategist in oil refining, said in statements to KUNA here.
"The possible resumption of oil production in Libya which used to produce some 1.6 million barrels per day (bpd) will control the rising trend of the oil prices," he pointed out.
*****Al-Awadhi predicted that the Brent crude will range between USD 105 and USD 115 pb till the end of the third quarter of 2011.*****
"The geopolitical factors such as Hurricane Irene in US east coast and the instability in the Middle East, notably Syria, will impact the world energy market," he added.
On his part, Khalid Boody, an oil expert, agreed that the natural disasters and geopolitical instability in some oil-rich countries are destabilizing the energy market and the world economy at large.
*****"The debt crisis of the Euro-zone constitutes the biggest challenge for the world economy at present. If this crisis exacerbates, it will definitely hamper the economic growth and thereby putting cap on the demand on oil," he explained.*****
Boody added that Brent prices will range between USD 95 and 105 pb till the end of the year provided that there are no abrupt eventualities such as a foreign intervention in Syria.***** (end) osj.tb.gb KUNA 302040 Aug 11NNNN
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