Replies to post #2156 on The Rising Influence of Rising Affluence

[DewDiligence]

Iraqi Minister Sees $120 Oil

[It’s almost there already.]

http://af.reuters.com/article/energyOilNews/idAFLDE72L1IF20110322

›BAGHDAD, March 22 (Reuters) - OPEC believes the oil price is approaching $120 per barrel but unlikely to go higher, a level that is "acceptable" and will not hinder global growth, Iraqi oil minister Abdul-Kareem Luaibi said on Tuesday.

"Global oil prices are moving towards $120 a barrel. We consider this an acceptable price that will not harm global growth," Luaibi told a news conference in Baghdad. "We think the price will not exceed $120 per barrel."‹