Barclays has revised the European prices outlook for 2012 for prompt CIF ARA to $94 per ton from $102 per ton, and to $92 a ton for 2013 from $105/ton forecast earlier.
In the event of a Greek exit and a disorderly break up of Eurozone, brent crude oil prices could drop to a low of $60/bbl due to the resulting sharp European recession and negative global economic consequences, according to BofAML.
Bahrain oil production is expected to double to 100,000 barrels a day (bpd) from the current 50,000 bpd within five years, said Abdul-Hussain Ali Mirza, Bahrain’s energy minister.
There has been a wide divergence between primary and secondary data on crude oil which makes forecasting of prices not that easy. This coupled with increased speculative activity in futures makes an analyst's job even more difficult. On the fundamental side, though, there are enough OPEC supplies but a stable demand
