Seoul - The price of Dubai brand crude is expected to hover at around US$50 per barrel next year as sluggish economic growth affects consumption, the Korea Energy Economic Institute (KEEI) said Wednesday.
The S. Korean state-run energy think tank said in a report that the average price for the Middle East benchmark crude may reach US$51.9 for the whole of 2009. This is lower than the US$60 per barrel estimated by experts from the government, the Korea National Oil Corp., KEEI, the Bank of Korea and civilian laboratories earlier in the month.
Dubai crude prices reached an average of US$97 per barrel this year from US$68 for the whole of 2007.
"The adjustment in numbers reflects a continuous downgrading of growth forecasts by governments around the world in recent weeks," said a researcher. He, however, stressed that because there are too many variables, even the latest estimate will likely be revised.
He said based on current data, the Dubai crude, which make up the bulk of local imports, may dip to US$40 per barrel levels in the first half before rising to US$60 from June to December as countries make a slow comeback.
The expert, however, said that if the global economy makes a faster-than-expected comeback, the average price per barrel may hit US$67.9. - Emirates News Agency, WAM
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