oil prices

Oil prices from USD 50/bbl to USD 60/bbl have been sustained for several weeks, and energy-related stocks have fallen significantly below their 52-week highs and 30% below in some cases.

The decline in oil prices will not affect the long-term strategy of national oil companies in the Middle East, ministers and senior executives said at the opening of the 30th edition of Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) held in November.

Those who make a living predicting oil prices see a softer ¬market in 2013, although prices are forecast to stay at historically high levels.