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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: kryptonic6	3/7/2005 4:50:41 PM
	of 1183

Fifth Biggest Oil Producer Warns: Forget Low Prices By Anadolu News Agency (aa) Published: Sunday 06, 2005 zaman.com Venezuelan President Hugo Chavez has announced that low oil prices are a thing of the past and asked everyone to be ready for high prices. The announcement of increasing oil prices came from the leader of significant oil producing country Venezuela, Hugo Chavez, answering press questions during his visit to India, where he signed a total of six agreements, two of which for energy. Chavez said that the Organization of Petroleum Exporting Countries (OPEC) would stabilize the oil prices between $40 and $50 per barrel. Chavez noted: "The world should forget about low-priced oil from now on. Oil will never fall to $10 levels like in the old days." Chavez gave no information about how oil-producing countries will set the price for oil, but Venezuela, the fifth biggest oil exporter producing over 3 millions barrels of oil daily, has often expressed that it favors high-priced oil. Evaluations by oil producing countries that oil prices will further increase have raised oil prices to record levels on international markets. OPEC's Secretary-General Adnan Sihab Eldin made an announcement three days ago that oil prices might increase to $80 within the next two years. After the announcement, the price of a barrel of US light oil reached $55.20 on the international stock exchange market, but closed the week at $53.57 following another announcement by OPEC member Nigeria that the Organization will handle the issue of increasing production at a meeting to be held in Iran on March 16th. Recent transactions in Far Eastern markets were stable at $53.62. The record high was reached last October at $55.67. British Brent oil, traded on the London Stock Exchange, meanwhile, closed at $51.95 after rising to $53, a new record high. New Delhi zaman.com

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