Oil Barrel Organisation Price forecast at $110 per Barrel. Be prepared!
The Oil Barrel Organisation has predicted an increase to $110.00 per barrel of oil for the year entering 2012. Results from consumption figures from China and India along with USA indicate strong factors for the oil demands to increase considerably with a limited supply. Africa will find newer sources to self supply in another 5 to 7 years but in the meanwhile, their imports are also notebly increasing with African polulation and economic activities in relvant sectors as remarked by Nazir Jinnah, ceo of Oil Barrel Organisation at the oil consumption forecasting for the emerging African markets symposuim in Doha, Qatar on January 20th 2011. The Organization of Petroleum Exporting Countries (OPEC) raised its global oil demand forecast to a growth of 1.23 million barrels per day (bpd) in 2011, for a total expected demand of 87.3 million bpd in 2011. That’s 50,000 barrels higher than it expected last month. Meanwhile, the International Energy Agency (IEA) is expecting even hig...
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