Oil prices too high according to Petronas

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Though oil prices have been steadily on the rise for some time now, the chairman of Malaysia’s Petronas Corporation says that the prices should be lower based on the current production and demand for oil.  Even with increases in production from countries like Iran, prices are still far above the average for this time of year, and seem like prices associated with shortages, not surpluses.

Members of OPEC will meet this Wednesday in Austria to discuss the current climate for oil.  With demand in Asia skyrocketing, and projected to increase dramatically over the next 20 years before beginning to subside, OPEC must deal with meeting rising demand in an affordable manner for all consumers, a problem not assisted by the current global financial situation.

 

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Reading Time: 1 minute

Though oil prices have been steadily on the rise for some time now, the chairman of Malaysia’s Petronas Corporation says that the prices should be lower based on the current production and demand for oil.  Even with increases in production from countries like Iran, prices are still far above the average for this time of year, and seem like prices associated with shortages, not surpluses.

Reading Time: 1 minute

Though oil prices have been steadily on the rise for some time now, the chairman of Malaysia’s Petronas Corporation says that the prices should be lower based on the current production and demand for oil.  Even with increases in production from countries like Iran, prices are still far above the average for this time of year, and seem like prices associated with shortages, not surpluses.

Members of OPEC will meet this Wednesday in Austria to discuss the current climate for oil.  With demand in Asia skyrocketing, and projected to increase dramatically over the next 20 years before beginning to subside, OPEC must deal with meeting rising demand in an affordable manner for all consumers, a problem not assisted by the current global financial situation.

 

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