Royal Institute for Traditional Arts launches training on Al-Qatt Al-Asiri art    Nearly 2 million worshippers prayed in Rawdah at Prophet's Mosque during Hajj 1446    Saudi Arabia expands tech talent schools to five regions for 2025    Aubameyang exits Al Qadsiah as club turns to youth with Retegui signing    France withdraws troops from Senegal, ending military presence in West Africa    Germany's Merz and UK's Starmer sign 'first of its kind' defense and migration treaty    Norway leads Europe's best airports list    Syrian forces leave Sweida after ceasefire with Druze militias goes into effect    Main stage at Belgium's Tomorrowland music festival completely destroyed by fire    Sports vehicles can have now short number plates    Saudi Arabia draw Iraq and Indonesia in 2026 World Cup Asian play-off group    Saudi conjoined twins Yara and Lara successfully separated in 12.5-hour surgery    Babies made using three people's DNA are born free of hereditary disease    'Art of the Kingdom' exhibition to open in Beijing's National Museum on July 30    Saudi minister holds strategic AI and tech talks with French institutions in Paris    ASICS and Saudi Sports for All launch startup pitch to boost sports innovation in Saudi Arabia    Youth-led Saudi businesses exceed 474K    Scientists recover proteins from a 24 million-year-old rhino fossil    Jorge Jesus returns to Saudi Arabia as Al Nassr head coach on one-year deal    Jannik Sinner beats Carlos Alcaraz to win his maiden Wimbledon title    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Oil could hit a new record in '12 on demand
Published in The Saudi Gazette on 24 - 12 - 2011

Crude oil may rise for a fourth year to a record average price in 2012 as demand in emerging markets increases and the US avoids a recession.
West Texas Intermediate oil on the New York Mercantile Exchange will reach an average of $100 a barrel in 2012, based on the median of 27 analyst estimates compiled by Bloomberg, topping the all-time high of $99.75 set in 2008. The US benchmark is on course to average $95 a barrel this year.
Oil prices rose to near $100 a barrel as worries over global security issues outweighed weak economic data in the US.
Oil edged up Friday in low-volume trading, on pace to post weekly gains and supported by concerns about potential supply disruptions in Iran and Iraq and by signs of a strengthening US economy.
Geopolitical uncertainty, especially in Iraq and Iran, also kept investors focused on potential threats to supply.
Brent February crude rose 28 cents to $108.17 a barrel by 12:57 p.m. (1757 GMT).
US February crude rose 62 cents to $100.15 a barrel, having reached $100.23.
US economic data released this week showed signs of an improving economy, but on Friday the Commerce department reported weak consumer spending and income growth.
Global demand will climb 1.4 percent, with China accounting for more than a 10th of the amount used, according to the International Energy Agency. Crude in New York advanced 8 percent in the year through yesterday.
“High prices come from very well-supported fundamentals,” Mike Wittner, the head of oil-market research at Societe Generale SA in New York, said by phone on Dec. 15. “Supplies are very tight, at five-year lows,” in the world's leading economies, said Wittner, who projects West Texas Intermediate oil will average $103 a barrel in 2012.
Industry-held supplies in the 34 members of the Organization for Economic Cooperation and Development fell 1.4 percent to 2.63 billion barrels in October, leaving them below the five-year average for a fourth month, the IEA said in a Dec. 13 report.
Stockpiles of heating oil and diesel held in OECD countries dropped 23.1 million barrels to 538.4 million in October, a three-year low.
“We need to see prices rise to a level where we get supply and demand to balance without drawing on inventories.”


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