Who else wants the oil price to be doubled to $80 per barrel?
The current rate of $40 per barrel* will not help OPEC nations. Most of the OPEC nations depend heavily on the oil exports with very few other industries to fall back on. Speaking at the Davos, OPEC’s secretary general said the desirable price for oil should be at $60-$80. Of course he is speaking on the OPEC cartel’s behalf and not on the behalf of the world economy. It is not just OPEC who wants a higher price for oil. Mukesh Ambani who owns the oil and gas conglomerate Reliance Industries is also of the same opinion. Oil should be at $80 for the free market pricing to become a reality. Though his argument was mostly in favor of fair pricing mechanism. For India to realize its oil addiction, the oil price should be left to the market instead of subsidizing it. Anyone else? When Oil was at $147/ barrel renewable energy company stocks saw a surge. The same kind of exuberance is not seen when oil dropped down below $40. Renewable energy industry will be praying deep inside their hearts
