‘Oil to trade between $30 to $40 in 2009’

January 26, 2009

DUBAI (Trade Arabia) -- Oil is expected to trade between $30 and $40 in 2009, according to professor of economics and international business, Stern School of Business, New York University, Nouriel Roubini.

Oil prices were among the key topics that were discussed during ‘The World in 2009 Executive Forum’, a one-day conference that was organised by Economist Conferences at the Madinat Jumeirah in Dubai.
Featuring prominent business, financial and political figures, the event discussed the global financial crisis in the presence of over 150 senior level decision makers from the oil and gas, banking and finance, manufacturing, travel and tourism, real estate, telecommunications and energy sectors.
The conference was chaired by executive editor of ‘The Economist’ Daniel Franklin and editorial director and Chief Economist of the Economist Intelligence Unit Robin Bew and focused on identifying and exploring trends that will affect business strategies in 2009.
In what has been dubbed as the worst financial crisis since the Great Depression, the global economy is expected to experience its worst recession in decades in 2009.
Roubini pointed out that even emerging market economies would experience a sharp slowdown of growth that will be the equivalent of a hard landing. Amidst the severe recession, oil, energy and commodity prices will fall further even from current levels, spelling much difficulty for oil exporting countries around the world and in the Middle East.
He also added that only very aggressive fiscal and monetary and financial policy response in the U.S. and other countries may lead to an economic recovery in 2010, but it may still feel like a recession by then even if the world may be technically out of it.