Global Oil Politics and the Energy Security in the Asian region
The oil price in the international energy market appears set to remain high for the rest of this year despite the attempt of the oil giants to increase production. The major sufferers of the price hike are those Asian countries whose dependency on Persian Gulf oil is alarmingly growing day by day. Meanwhile, the OPEC countries’ plan to revise the price band of oil to a higher level, currently set at $22-$28 per barrel, suggests that the international oil price would not come back to a ‘pre-Iraq level’.
- J Nandakumar
- April 11, 2005