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OPEC eyes $100 oil price
Posttime:2010/11/15 23:59:22
It would not hurt world economy, says Iran

Segun Adeleye

From the current price range of $70 and $90 a barrel, some members of the Organisation of Petroleum Exporting Countries (OPEC) are raising hope that the black gold could still hit $100 a barrel before the end of the year.

The last time oil price was this high was in July 2008 when it hit an all time high of $147.

OPEC recently revised upward its world oil demand growth estimates for both 2010 and 2011.

OPEC said it was expecting world oil demand growth of 1.32 million barrels per day (bpd) or 1.6 percent to 85.78 million bpd for the whole of 2010, compared with 1.3 percent previously.

It said in 2011, oil demand would increase by a further 1.17 million bpd or 1.4 percent to 86.95 million bpd, instead of the previous estimate of 1.2 percent, the cartel said in its latest monthly bulletin.

At Friday's close, New York's main contract, light sweet crude for December, fell to 84.88 dollars a barrel, down 2.93 dollars from Thursdays closing level.

London's Brent North Sea crude for December dropped 2.47 dollars to 86.34 dollars in London trade.

Meanwhile, Iran has said that the world economy was in a position to absorb an oil price of 100 dollars a barrel even as it finds the current price range suitable for investments.

"Oil prices increasing to 100 dollars (per barrel) would not hurt the global economy," Mohammad Ali Khatibi, Iran's representative at the OPEC, said.

Khatibi also said that the current price range of 70 to 90 dollars was a "suitable" range.

"Not only producers, but consumers have reached this agreement that 70 to 90 dollars is a suitable price for oil because it encourages investment and does not hurt the global economy," he said.

Iran is OPECs second-largest oil producer and holds around 10 perxzcent of world oil reserves. Last month OPEC members elected Iran to the oil body's presidency for next year, a first for the Islamic republic.

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