Oil prices forecasted to average $107 in 2012
- Middle East: Sunday, July 01 - 2012 at 11:52
According to a report by credit ratings agency Fitch, oil prices are forecast to average $107 a barrel this year, well above breakeven prices for Gulf producers, Saudi Gazette has reported. Saudi Arabia's budget breakeven price has eased to just over $70a barrel, as production has risen substantially to make up for sanctions constrained production in Iran, Fitch said. Last month, the International Energy Agency (IEA) said oil prices are likely to stay high due to geopolitical risks despite a dramatic improvement in world supply resulting in a big build in stocks. But the IEA said that uncertainty remained and the agency, which last year released strategic oil stocks to compensate for the outage of Libyan production, would be ready to act if necessary.
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