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Iran expecting $80 per barrel oil prices

05 July 2010

Iran's Opec governor Mohammad Ali Khatibi has said the organisation's surplus capacity is keeping the price of crude down, but oil prices are likely to rise to $80 by the end of the year, Reuters has reported. Total supply from Opec countries was 29.10 million barrels per day (bpd) in June, according to a survey of oil firms, Opec officials and analysts. Khatibi said he saw demand for Opec crudes in the second half of 2010 at "more than 30 million barrels".

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