MENAFN) Chakib Khalil, the President of the Organization of Petroleum Exporting Countries (Opec) said that the price of crude oil could fall to $70 to $80 a barrel in the long term, Gulf News reported.

Although the market has switched into bearish mode for now, few are expecting it to crash as oil exports remain vulnerable to supply disruption and demand from emerging economies led by China is expected to offset lower consumption in the West.

A Reuters survey of analysts has predicted US oil will average well above $100 for the rest of the year, with consumption expected to increase in the peak demand fourth quarter.

 

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