01 November 2006 22:04 [Source: ICIS news]
EAST BRUNSWICK, New Jersey (ICIS news)--Crude oil prices are primed to plunge from $58/bbl currently to about $40 by the end of 2007, a consultant said on Wednesday.
“The three-year bull market in crude oil prices sparked a worldwide surge in exploration and development,” said Dan Lippe, principal at Petral Consulting. He spoke at a Drug, Chemical & Associated Technologies Association/Institute for Supply Management meeting, held in conjunction with ICIS.
“Global production has the potential to increase by 15-18m barrels/day during 2006-2010,” Lippe said. Of that, he said 60% will come from non-Organization of Petroleum Exporting Country sources. During the same period, demand growth will total only 5-7m barrels/day, he said.
“Today ethylene producers have taken a solemn vow to never increase capacity in the ?xml:namespace>
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