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100 Dollars a Barrel for Petroleum Price

Source: www.gulfoilandgas.com 10/30/2010, Location: Africa

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Dr Shukri Image Mohamed Ghanem the secretary of the Nationanl Oil Corporation that OPEC need s Higher policy for petroleum to $100 a barrel because the rise of price sof imports such as food destroyed their returns of the countries in the organization. The price of oil stands between $70-80 dollars during the year and a great number of OPEC countries said that these prices are high enough to achieved good returns in spite of the global economic problem.

Dr Shukri Ghanem declared that the price of Petroleum should be $100to cover the great in crease in the price of food and he added that the price of food completely eliminates the return from petroleum and he said that OPEC countries that import food from abroad are facing a great increase in the price of imports and I consider that 100 dollars is the price that OPEC should aim for. And Reuter new agency indicates that the price of petroleum had risen by more tahn50% after Russia suffered the worst drought in 130 years and it reached the highest level since 2008 and Ghana did nit indicate how and when OPEC should aim to reach US 100$ a barrels and on the 14th of September was the 50th anniversary of the petroleum in the world and OPEC responsible from the past declared the purchasing power was caused by the weakness of the dollar. The two methods shads allow OPEC to raise the price one of which is to reduce production and which OPEC has not done since September 2008 and the other to and the supply unofficially to make production equals demand.

The organization will meet in next October to examine the supply police and in December 2008 OPEC announced a brief unprecedented reduction in supply that is 4.2 million barrels a day in order to improve pieces following the economic crisis and since that time . OPEC supply continued without change but many members increased their actual supply and did not actually reduce to about to one half what was planned.

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