09/18/2007, 00.00
ASIA
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New record in petrol prices 81 dollars

Prices are set to rise to 95 dollars a barrel in 2008. Caused by soaring demand which OPEC meets with minimal increases in production.

Singapore (AsiaNews/Agencies) – This morning in Asian markets the price of petrol per barrel has reached a new record, over 81 dollars a barrel.  Market analysts explain that it is due to soaring demand which is met by minimal and insufficient increases. The increased demand is due above all to the rising demands of the Asian giants India and China.

Since 2002 the price of petrol has quadrupled, even if – with the necessary adjustments in inflation – it has yet to reach the 90 dollar peak, reached during the Iranian revolution in 1979.

The Organisation of Petroleum Exporting Countries agreed on a small supply increase last week but analysts said the decision to raise output by 500,000 barrels per day from November 1.  But according to analysts this increase was not enough to reverse a rally that has lifted prices around 30 per cent this year.

Calling the Opec production boost “too little, too late”, investment bank Goldman Sachs said it expected oil prices to hit 85 dollars a barrel. Prices are projected to reach 95 dollars per barrel in 2008.

 

 

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