WB forecasts oil prices falling below $ 53 in 2008

[NickB79]

"WASHINGTON, Dec. 16 (Reuters) — High global oil prices are likely to ease to a barrel in 2007 and fall further to just below in 2008 as supplies increase and demand growth eases, the World Bank said.

The World Bank’s annual Global Economic Prospects report said a record US oil price of .40 in July weakened demand growth despite accelerated world economic activity."

http://www.mb.com.ph/BSNS2006121782581.html

Whatever they're smoking over at the World Bank, I want some bad!

I particularly like this part:

"The development lender said investments to expand production already in the works were likely to increase world output capacity by about 15 million barrels a day (mbpd) by 2010, implying a 3 mbpd annual increase, well above expected increases in demand of between 1.2 and 2 mbpd annually."

Followed by this part:

"The US government said on Tuesday that OPEC pumped 28.97 million barrels of oil per day in November, down 495,000 bpd from October."

3 million bpd increase annually? Holy cow! They might as well be writing letters to Santa Claus asking for barrels of oil under the tree.

[Cant_wait_for_2008]

1. Smoke and mirrors: Oil Prices will be higher in 2008. eom