Blog Malaysia

According to bharian.com.my Petroleum Nasional Bhd (PETRONAS): Datuk Shamsul Azhar Abbas, said that prices play an important role in resource allocation decisions of both consumers and producers, but is influenced by the actions of central banks and financial speculators. He believes oil prices should remain in the ranks of U.S. $ 75-US $ 80 per barrel given the current market fundamentals and environmental impact.


He said the major benchmark crude prices in three dual rate, an increase of more than U.S. $ 25 per barrel in just a few months, amid concerns over supply disruptions in the Middle East and North Africa and the weakness of the U.S. dollar boosted the price.


He said the replacement capacity of the Organization of the Petroleum Exporting Countries (OPEC) fell below four million barrel per day, while the inventory levels of crude oil and petroleum products declined.