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Global Energy Research Center Predicts that Oil Prices will Remain High in 2008
Oil prices will remain high next year due to tightening oil supplies and concerns that a weakening U.S. economy could cut demand for crude, the Center for Global Energy Research in London forecast on Monday.In addition, the Global Energy Research Center also used its latest month's research report to attack the OPEC organization. The center claimed that OPEC had been deliberately limiting oil production in mid-2007 to prevent oil prices from falling. Just last month, international oil prices almost reached a record high of $100 a barrel.
In this regard, the Global Energy Research Center said: "Although oil production appears to eventually increase, oil prices will remain high during this winter and will continue in 2008." The center also said : "OPEC has been deliberately maintaining a global oil shortage this year to avoid last autumn's drop in oil prices, because OPEC has always believed that this policy is extremely effective in keeping oil prices high."
The Global Energy Research Center also said: "Due to OPEC tightening oil control, global oil reserves may drop to 425,000 barrels per day this year. With the strong rise in oil prices, this reserve trend makes it difficult to figure out how much OPEC reserves will increase. claims that oil supplies are sufficient."
On November 21, oil prices soared to a new high of $99.29 per barrel. This momentum also triggered global calls for OPEC to increase oil supply. However, OPEC still decided to limit daily oil production to 27.25 million barrels.
OPEC, which accounts for about 40% of the world's total crude oil production, has always insisted that it is not responsible for the soaring crude oil prices. It believes that the rising oil prices are mainly caused by market speculators.
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