ECKERT21

The recent Oil Gas News has much to say about crude oil prices and its impact on world economy. According to a poll conducted by Reuters, after considering top ten oil tracking analysts and organizations, the demand for oil is predicted to get higher by about 1.3 million barrels per day in coming years, rising to a huge level of 85.9 million barrels per day. In the meantime the rise in production from outside the OPEC countries and production of natural gas liquids (NGLs) from OPEC members will increase by about 800,000 bpd. The reports from Reuters’ poll say that US crude oil price is expected to increase to an average of $75.40 per barrel in 2010. The prices of crude oil are expected to go higher once the world economy strongly comes back to the path of recovery from the global recession. The devaluation of US dollar, due to the global economic turndown, is expected to play a major part in deciding the price of crude oil. US crude oil price is expected to reach an average of $73.70 by the fourth quarter of 2009, higher than that of the last poll of $69.73. The polls say that US crude oil prices have increased by $10 per barrel since September. Analysis of the latest poll says US crude oil price would be on an average of $60.80 per barrel for 2009 all together, when compared to the estimated amount of $60.60 in October. Oil analysts like Olivier Jakob expects a flat price alteration during the early months of 2010. According to the poll the analysts predict an average price of US crude oil is expected reach $73.20 in the first quarter of 2010, from $73.70, which is the average forecast for 2009. Shipping industry dealers say that distillates available in floating storage have mounted up quickly in the past seven months, from about 30 million barrels in April to over 97 million barrels predicted for the first part of December, Supply restrains by the OPEC countries are expected help to tighten the market. Oil industry leaders are constantly monitoring the oil price polls, from news agencies like Reuters, to decide on the future oil investments.