Canadian Imperial Bank Of Commerce - Oil At $80 This Year, To $100 By End Of 2008 - The Star

[hatrack]

A "steady ascent" of crude oil prices toward $100 (U.S.) a barrel continues, but the predicted date when that level will be hit remains a moving target, according to a CIBC World Markets report Wednesday.

The investment banking division of the Canadian Imperial Bank of Commerce (TSX: CM) predicts "new record highs of $80 a barrel this year and reaching as high as $100 a barrel by the end of 2008 as soaring oil demand outpaces growth in global supply."

However, CIBC World Markets had predicted in September 2005 that oil prices in 2007 would average $93 (U.S.) a barrel and reach $100 by late this year. Last February, it projected an average price of $69 a barrel for this year, down from a previously reduced expectation of $80. Oil is currently at about $74 a barrel.

But triple-digit prices "are on the horizon and may be permanent as major oil-producing countries in the developing world reduce exports to meet soaring demand at home," according to the latest projection.

EDIT

http://www.thestar.com/Business/article/237207

[GreenTea]

1. When BushCo bombs Iran....count on it!!

[GliderGuider]

2. The effect on exports is finally getting some play

But triple-digit prices "are on the horizon and may be permanent as major oil-producing countries in the developing world reduce exports to meet soaring demand at home, according to the latest projection."

In countries such as Venezuela and Iran, declining oil production and increased consumption are eating into export capacity and will reduce crude oil exports by as much as 2.5 million barrels a day between now and the end of the decade, it predicts.

Jeffrey Brown aka westexas over on The Oil Drum should be very proud. He developed the first complete statement I'd seen of the post-peak effects of increasing domestic consumption on net exports. He's been banging that drum mercilessly, and it looks like some people have heard him. I know Kunstler has, and now it looks like Jeff Rubin has as well.

[Delphinus]

4. Are you sure it's attributable to

declining oil production and increased consumption in Venezuela and Iran? Both these countries have made it clear they don't want dealings with the dirty dog in Washington. I'm curious if that plays any part in their production levels.

[lakeguy]

5. they will still sell the oil they have somewhere on the market...

it doesn't really matter who they sell it to.

[whistle]

3. Oh good, the U.S. dollar will fall by another 25% as the result of

...Bush/Cheney oil policies and Iraq/Afghanistan Wars. Maybe they can also bomb Iran by this fall and force oil to go t to $150 to $200 per barrel and reduce the buying power of most Americans by even more!

Cluster-fuck no longer adequately describes what BushCo and Cheney have done :wtf:

[4dsc]

6. Another story about REDUCED EXPORTS!!

I hope everyone is paying attention!! It won't be long now!!

[Kolesar]

7. Jeepers, creepers!

Where'd you get those peakers???