Idemitsu Expects Oil to Rach $60 This Year on Seasonal Demand

[chlamor]

Idemitsu Expects Oil to Reach $60 This Year on Seasonal Demand

March 14 (Bloomberg) -- Idemitsu Kosan Co., Japan's second- biggest refiner, expects crude oil prices to rise as high as $60 a barrel around May and December because of seasonal demand for gasoline and kerosene.

Oil will trade between $50 and $60 a barrel during the rest of the year, Hisao Sato, manager of the Crude Oil Section of Tokyo- based Idemitsu's Overseas Operations Department, said in an interview today.

``With oil consumption in China and the U.S. growing, we'll see oil prices remaining at these levels'' for the next few years, he said. Oil prices will also remain high as ``supplies can increase only slightly. Saudi Arabia is the sole OPEC country with spare capacity.''

http://quote.bloomberg.com/apps/news?pid=10000080&sid=a_JQD_90ZI7I

[bpilgrim]

1. and they're being conservative...

Professor Albert Allen Bartlett is a retired Professor of Physics who joined the faculty of the University of Colorado in Boulder in September 1950
http://news.globalfreepress.com/movs/Al_Bartlett-PeakOil.mp4

peace

[unblock]

2. and bush promised oil to use his oil contacts to keep it between 25-30/bbl

:eyes:

[zbird]

3. That must have been a promise to keep PROFITS at $25-$30 per barrel.

That pathetic creature has no real power or influence of his own.

[matcom]

4. he kept his promise

just long enough so it wouldn't hurt his reselection. now that he is emperor, no need to care anymore.

[unblock]

5. oil was still WAY over that mark throughout 2004

lower than it is today, true, but still.

it's the banana republican-biased media that refused to turn this obvious story about a broken promise that hits EVERY american in the pocketbook into a major scandal.

[bemildred]

6. Me too.

Natural gas should be in good shape next Winter too.