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Oil prices to increase by oil cuts

Oil prices to increase by oil cuts
Oil prices could reach $75 per barrel in 2009 despite a the economic crisis.

Oil prices could reach $75 per barrel in 2009 despite a the economic crisis.

Oil prices could reach $75 per barrel in 2009 despite a the economic crisis, OPEC president Angola said on Monday, adding that compliance by the 12-member group with the agreed cuts remained at around 80 percent. Jose Botelho de Vasconcelos, who is also Angolan oil minister, said he hoped the upcoming G20 meeting will help stimulate the world economy and contribute to growing demand for oil and higher oil prices.

"The trend in oil prices is positive. We hope that this trend continues until we reach $70 to $75 per barrel (this year)," he told journalists.

"Compliance, which is at around 79 to 80 percent, has contributed for the rise in oil prices."

Leaders from the world's 20 biggest economies, or G20, meet in London on Thursday to discuss how tighter regulation of financial markets, billions of dollars in stimulus measures and credit lines for international trade can help the world economy recover from the deepest recession since the 1930s.

"There is in fact some expectations that the G20 meeting this week will come up with solutions that will stimulate the economy so that the price of oil could reach between $70 and $75 per barrel," he said.

www.TurkishMaritime.com.tr

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