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Page added on October 31, 2009

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Oil to touch $100 per barrel in the longer term, say analysts

Not only are the current oil prices, hovering between $65 and $80 per barrel, sustainable in the short-term, going by the recent developments they could touch $100 in the longer term, according to analysts.

“Long-term prospects look a lot different, with all market fundamentals pointing towards oil at $100 and more,” Philipp L Lotter, Senior Vice-President, Corporate Finance Group at Moody’s, told Emirates Business.

“Tomorrow’s oil will be more expensive to find and produce, thus leading to much higher break-even levels for producer countries, and significant investments are needed to extend reserve lives, develop deeper, high-pressure reservoirs and tap into non-conventional sources, such as oil sands,” he said.

“This will be exacerbated if important investments in longer term supply are shelved and thus lead to shortages in a recovering global economic environment.

Emirates Business 24/7



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