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Oil prices of USD 40-50 pb "realistic" - Qatari Min.

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) ma.gb KUNA 132112 Apr 09NNNN