According to Arabian Business News on January 4th, Arabian Business Network conducted a survey online this year on the direction of oil prices. The survey results showed that almost half of the respondents expect the oil price will reach 40 to 50 US dollars per barrel this year.
Last year, oil prices fell more than 50% from the record high of 147.27 dollars per barrel set in July. By the end of last year, the price of oil was about 40 dollars a barrel.
In this survey, 46% of the respondents expect the oil price this year to continue at the end of last year.
On January 3, a senior Iranian government official stated that the Organization of Petroleum Exporting Countries (OPEC) may hold an emergency meeting in Kuwait in February to study the outcome of the oil market after its production cut in January.
OPEC agreed at a special meeting held in Oran, Algeria, on December 17 last year that it would cut 2.2 million barrels of oil production every day from January 1, 2009 to stop the decline in oil prices. OPEC plans to hold its next ministerial meeting in March this year.
A recent survey conducted by Reuters also showed that analysts predict that the average price of US crude oil in the first quarter of this year will be US$49 per barrel and rise to US$58.48 per barrel in 2010, compared to the number of forecasts in their last survey. The barrel was reduced by 14 dollars.
In an online survey conducted by Arabian Business, 27% of respondents believe that oil prices will continue to fluctuate during the first quarter of 2009 before rebounding to 75 US dollars per barrel.
Ninety-nine percent of respondents believe that OPEC cannot control oil prices at all. The price of oil will continue to fall to a lower level in 2009.
Only 8% of respondents believe that oil prices will rise again this year to at least 100 US dollars per barrel.
Last year, oil prices fell more than 50% from the record high of 147.27 dollars per barrel set in July. By the end of last year, the price of oil was about 40 dollars a barrel.
In this survey, 46% of the respondents expect the oil price this year to continue at the end of last year.
On January 3, a senior Iranian government official stated that the Organization of Petroleum Exporting Countries (OPEC) may hold an emergency meeting in Kuwait in February to study the outcome of the oil market after its production cut in January.
OPEC agreed at a special meeting held in Oran, Algeria, on December 17 last year that it would cut 2.2 million barrels of oil production every day from January 1, 2009 to stop the decline in oil prices. OPEC plans to hold its next ministerial meeting in March this year.
A recent survey conducted by Reuters also showed that analysts predict that the average price of US crude oil in the first quarter of this year will be US$49 per barrel and rise to US$58.48 per barrel in 2010, compared to the number of forecasts in their last survey. The barrel was reduced by 14 dollars.
In an online survey conducted by Arabian Business, 27% of respondents believe that oil prices will continue to fluctuate during the first quarter of 2009 before rebounding to 75 US dollars per barrel.
Ninety-nine percent of respondents believe that OPEC cannot control oil prices at all. The price of oil will continue to fall to a lower level in 2009.
Only 8% of respondents believe that oil prices will rise again this year to at least 100 US dollars per barrel.
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