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Deloitte: Sieminski forecasts $80/bbl oil in 2008

12/24/2007
Deutsche Bank AG Chief Energy Economist Adam Sieminski expects that light, sweet crude prices will average $80/bbl on the New York Mercantile Exchange in 2008.Sieminski forecasts crude to likely average nearly $55/bbl this decade—nearly triple the 1990s average oil price.“So far this decade, the oil price has averaged just above $41/bbl,” Sieminski told participants Dec. 12 at the annual Deloitte Oil & Gas conference in Houston.Sieminski expects natural gas prices to average $7.75/MMbtu on NYMEX in 2008 and sees the gas price holding there, even if the average oil price declines into 2009 from the $80/bbl average forecast for 2008.“Given the geopolitical problem...
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