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Sunday, January 9th 2011, 4:04pm
International Oil Prices in 2011
International crude oil prices are expected to go up steadily in the first half of this year due mainly to rising demand, the government said Wednesday.
The Ministry of Knowledge Economy and the state-run Korea National Oil Corp. said the average price for Dubai crude, which accounts for the bulk of South Korea's imports, may reach US$80-85 per barrel for the entire year, although it may surpass the $90 mark, with some predictions hinting numbers exceeding $100.
This is a noticeable gain from an average of a little over $78 tallied for the whole of last year, when oil prices remained relatively stable despite a rebound in the global economy.
The ministry said a forecast of global economic recovery and weakness of the U.S. dollar has spurred demand for oil and other commodities.
"If there are no sudden developments, oil prices should continue to gain in the coming months," the ministry said.
The ministry said that fueled by hikes in oil prices and a surge in demand from China, petrochemical products, such naphtha, may go up in 2011.
In addition to oil and petrochemicals, prices of rare earth elements, vital for making various information technology products, will likely rise in the January-June period, the ministry said, adding that costs of rare earth elements should go up this year as China announced it will move to reduce its export quota of the resource.
Source: GNA
The Ministry of Knowledge Economy and the state-run Korea National Oil Corp. said the average price for Dubai crude, which accounts for the bulk of South Korea's imports, may reach US$80-85 per barrel for the entire year, although it may surpass the $90 mark, with some predictions hinting numbers exceeding $100.
This is a noticeable gain from an average of a little over $78 tallied for the whole of last year, when oil prices remained relatively stable despite a rebound in the global economy.
The ministry said a forecast of global economic recovery and weakness of the U.S. dollar has spurred demand for oil and other commodities.
"If there are no sudden developments, oil prices should continue to gain in the coming months," the ministry said.
The ministry said that fueled by hikes in oil prices and a surge in demand from China, petrochemical products, such naphtha, may go up in 2011.
In addition to oil and petrochemicals, prices of rare earth elements, vital for making various information technology products, will likely rise in the January-June period, the ministry said, adding that costs of rare earth elements should go up this year as China announced it will move to reduce its export quota of the resource.
Source: GNA
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