LOC21:12
18:12 GMT
DOHA, April 13 (KUNA) -- Qatar's Deputy Premier and Minister of Energy and
Industry Abdullah Al-Attiya deemed on Monday the oil prices ranging between
USD 40 and 50 per barrel as realistic under the current global financial
crisis.
Speaking to reporters here on the sidelines of the International Energy
Forum (IEF), the minister said: "We are talking about reality; so we have to
be practical."
"The prices of USD 40-50 pb are realistic and suitable to the world economy
in 2009 under the current crisis," he said citing the slow demand on oil.
According to the statistics of the International Energy Agency (IEA) there
is remarkable decline in demand which justifies economists' predictions about
shrinkage of the world economy.
"Economists predict the world economy to be at low ebb in the period ahead,
so we have to speak in realistic way," Al-Attiya said, affirmed that 2009
would be "very tough" for the world economy.
He voiced hope that 2010 would see an end to the crisis and resumption of
economic growth.
Commenting on the recent remarks of Kuwaiti Minister of Electricity and
Water Nabil Khalaf Bin Salama, Al-Attiya said the member countries of the Gulf
Cooperation Council (GCC) are investing billions of US dollars hook up their
power grids.
"The envisaged regional grid will allow purchase of electricity among the
grid members and guarantee a future power surplus that could be exported," he
underscored.
"The State of Qatar enjoys a large surplus of electricity that meet the
demand of other GCC members in winter under the so-called seasonal purchase,"
the minister went on to say.
The IEF is the world's largest recurring gathering of Energy Ministers.
Unique in that participants include not only IEA and OPEC countries, but also
Russia, and the emerging giants China and India.
The IEF countries also account for more than 90 percent of global oil and
gas supply and demand. Through the Forum and its associated events Ministers
and Energy Industry Executives participate in a dialogue which is of
increasing importance to global energy security. (end)
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KUNA 132112 Apr 09NNNN