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Why Oil Prices May Shoot Back Up
Price forecasts from the Organization of Petroleum Exporting Countries have never been particularly reliable, so it's easy do dismiss the latest one -- a "constant nominal price" of $110 per barrel of crude oil until the end of this decade, and $177 by 2040. It is, however, worth listening to OPEC secretary general Abdalla El-Badri when he says speculators played a major role in oil's recent spectacular slump, and prices may rise again next year. OPEC has been publishing its World Oil Outlook since 2007. That first report assumed $50-$60 per barrel of OPEC oil until 2030. Then prices rocketed to $141 and dropped to ... (full story)
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