Oil Producers, Consumers Say Prices Will Stay High for Years

In the next few years, people related with oil thought oil prices will constantly stay high until crude output is added or capacity is refined.

According to OPEC president Edmund Daukoru, crude oil prices will be between $60 to $65 a barrel. He announced this, when he participated in a meeting of ministers and company executives, including producer and consumer nations, in Doha, Qatar.

Today, Andris Piebalgs, who has a position as European Union Energy Commissioner, said oil prices will fluctuate even though there are some extra plans for capacity. He additionally said this situation will keep going until 2010.

Oil prices have increased to $75 as 23%more than previous because of the U.S.’s political relationship with Iran, and Nigeria’s decreasing supplies.

Saudi Arabia, which is the biggest oil producing country in the world, has a meeting with China, India, and the U.S. as consumers in Qatar this weekend.

The U.S. and Iranian governments are participating in an International Energy Forum as Energy ministers for three days in Doha