In response to a question posed by the Kuwaiti Newspaper, Al-Qabas, on how realistic it is that some analysts forecast that the price of (WTI) could reach $80/b in the near future, Dr Adnan Shihab-Eldin, OPEC’s Acting Secretary General and Director of the Research Division, stated that it is extremely difficult to forecast the price of oil. Not only must one take into account the fundamental factors, like supply and demand, but one must also anticipate the non-fundamentals, like geopolitical tensions and possible supply disruptions.

He said that one cannot completely exclude the possibility of prices reaching such levels, if, for example, there is a major supply disruption. He added that, if such a "price spike" were to occur, it would not be sustainable in the long term.

Even $50 – $60/b price levels over an extended period would, no doubt, lead to some significant responses on both the supply and demand sides, moderating prices to more sustainable levels. He further added that sudden price changes are in the interests of neither producers nor the world at large, reiterating that OPEC always seeks stability and balance in the world market.