China forecasts oil price: 70-80 USD per barrel in 2010

09:20, February 04, 2010      

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With rising demand for crude oil and inflation expectations, as well as the dollar depreciation and other factors, the international oil prices this year will be higher than last year, and the average price will be fluctuating around 80 U.S. dollars per barrel, according to a report recently released by National Development and Reform Commission (NDRC).

It is noteworthy that the China Petroleum and Chemical Industry Association (CPCIA) predicted in the last week that this year the average price of crude oil may be around 70-80 U.S. dollars per barrel.

The NDRC report said the overall world economy this year may be better than 2009, which will drive demand for crude oil, coupled with inflation expectations, the dollar devaluation and speculative factors, major commodity prices this year may rise. It made the forecast that average international crude oil prices will fluctuate around 80 U.S. dollars.

The report believes that the dollar devaluation will support commodity prices. In addition, inflation is also expected to give impetus to the oil price.

Previously, the World Bank expects average crude oil prices to be 63 dollars. South Korea forecasts it to be 75 U.S. dollars. Russia predicted 55-90 U.S. dollars, Goldman Sachs forecasted 92.5 U.S. dollars, the International Energy Agency (IEA) forecasted 73 U.S. dollars, and the U.S. Energy Information Administration (EIA) made the forecast of 72.4 U.S. dollars.

By People's Daily Online
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