$100 Oil To Boost Iraqi Budget
| November 16, 2010 | Filled under All Dinar Trade Articles |
Iran’s oil ministry has said that prices of US$70-$90 would not hurt the global economy, and even $100 might be safe.
“Consumers and producers are unanimous that the oil at $70-$90 prices are suitable prices and will not hurt the global economy,” Mohammad Ali Khatibi said.
“There are thoughts that an increase in the price of oil up to $100 per barrel will not create problems for the market.”
Anything in that range will prove a huge boost to Iraq, which has budgeted for just $70 oil for 2011. At $70 it will “almost” balance its deficit of $18bn, so anything more may bring forward its plans for a surplus, with a current target year of 2012.
OPEC is increasing its outlook for oil on the back of a recovering world economy, which will demand more oil. Its latest estimates put demand for next year up another 120,000bpd to 1.7m bpd. OPEC members are currently producing around 30m bpd.
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