Oil prices too high according to Petronas

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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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,...

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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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