Oil prices to remain around $100

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Oil prices to remain around $100

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As the World Petroleum Congress ended in Doha, Qatar oil prices were forecast to remain at around $100 a barrel next year.

Participants in the Congress say that demand in the crisis-hit eurozone will decline but as global demand from developing economies will grow.

Also at the Congress, BP’s chief executive Bob Dudley said crude prices are so high as to risk stunting global economic growth.

Dudley also said Asian economies were continuing to prop up demand.

Another focus for the oil market will be the December 14 meeting of the Organization of the Petroleum Exporting Countries.

With oil well above $100 a barrel, big changes in output policy are not expected.

The prospect of a European Union ban on imports of crude from Iran – OPEC’s second-largest producer – over Tehran’s nuclear work has also been supporting prices.

But top oil exporter Saudi Arabia said on Wednesday was pumping at the highest rate in decades, in what analysts saw as a signal it would meet customer demand with more oil if needed.