BOK sees continuous oil price hikes

The international oil price is expected to rise continuosly with the level of $28-30 per barrel until the second quarters of next year.

In a report on the prospects for international prices and its trend issued on September 3, the BOK the future oil price will be greatly influenced by the decision of the general meeting of the Oil Exporting Countries(OPEC) slated for October, but the current imbalance of oil demand and supply will be hardly rectified.

According to the report, even if the increased production is agreed upon at the forthcoming OPEC conference, the size of the increased production will not exceed the level of 500,000 bbl per day.

In actuality, the scale of the expanded oil production volume will be about 240,000 bbl per day.

On the other hand, with the arrival of high-demand season, the increased oil production is expected to reach 1.8 million bbl and 2.7 million bbl in the fourth arters of this year and first quarters of next year, compared with the third quarters of this year.

Therefore, the Bank Of Korea (BOK) officials said that due to the small production scale and the rising demand, it is hard to expect any drastic increase in the oil production.

Accordingly, this is expected to give considerable influence on the operation of the nation`s macro-economic policies.