Projected $54 Per Barrel Oil Price By Year End

According to Al-Sharq Al-Awsat newspaper (March 13, 2006), a recently publicized report by the Riyadh Bank shows that the per barrel price of the Saudi oil ix projected to increase from average $48 in 2005 to $54 in 2006, a 14% growth rate. Saudi Arabia’s oil production is expected to grow from 9.5 million barrels per day in 2005 to 10 million barrels per day in 2006.