Monday, May 10, 2010

OPEC Sees '10 Oil Prices Averaging $75-$80/Bbl, Ecuador Minister.


QUITO -(Dow Jones)- The Organization of Petroleum Exporting Countries sees world crude-oil prices averaging between $75 and $80 per barrel this year, Wilson Pastor, Ecuador's nonrenewable natural resources minister and OPEC president, said Monday.

During a meeting with journalists, Pastor said the fall in oil prices last week was due to market speculation related to financial problems in Greece.

"The European turbulence due to the Greek case not only made oil prices fall, but also prices of many commodities, and didn't reflect market conditions," Pastor said.

Ecuador holds the rotating presidency of OPEC for this year.

-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@

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