AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Petroleum prices will range between $80 and $110 per barrel for the rest of 2008, Opec President Chakib Khelil said on Saturday. Khelil, who is also Algerian energy and mines minister, told Algerian television Opec was under "big pressures" from consuming nations who liked to portray the group as responsible for high oil prices, when in fact the market was responding to US economic problems.
"Prices will continue to be high, and the prices for the rest of the year will be between $80 and $110," he said. The Organisation of the Petroleum Exporting Countries (Opec) left its output steady at a meeting earlier this month despite calls from consuming countries for more oil to halt the record rally.
Oil and other commodities have struck a series of record highs since the beginning of the year as investors fled stock markets and took refuge in dollar-denominated assets.
But US oil prices have eased since hitting a record $111.80 a barrel on Monday as signs of an economic slowdown mount, raising the possibility of a slowdown in world demand for commodities. Khelil has long said Opec has played no role in oil's rise in recent months.
"There are big pressures on Opec and some consuming nations would like to present Opec as being behind current high prices," Khelil said. "But the truth is that the current prices are linked to the US economic problems as well as to the value of the dollar."
He added Algeria's oil and gas sector would continue to do business in the US dollar. "We will continue to work with the currency of the international market," he said, referring to the dollar.

Copyright Reuters, 2008

Comments

Comments are closed.