Crude oil will touch $30 a barrel

Iran's oil minister said he considered the "real price" for a barrel of crude should be more than $100 and a senior Iranian official said OPEC needed to cut oversupply from the market, Iranian media reported on Saturday.
Saudi Arabia has said $75 a barrel was a fair price, comments echoed by an Iranian official this month. Other officials in the Organisation of the Petroleum Exporting Countries have said OPEC states needed $70 to $80 a barrel.
International oil prices , meanwhile, are now more than $100 below their July peak, trading around $46 on Friday.
GOLDMAN Sachs Group Inc. expects US crude oil futures to fall to $30 a barrel in the first quarter as the global recession cuts demand.

The Organization of Petroleum Exporting Countries(OPEC) would need to reduce output by an extra two million barrels a day in 2009, combined with a 600,000 barrel-a-day cut by non-Opec producers, to “rebalance” the oil market, Goldman said in a note dated Thursday.

“Oil demand growth in the United States and the OECD countries has fallen to recessionary levels in 2008,” the report says.


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