By Dave Hannon -- Purchasing, 6/22/2007 4:04:00 PM
Analyst firm Lehman Brothers has raised its forecast for 2007 Brent oil prices to $70 a barrel from $67.50, saying supply restrictions will impact oil prices more than expected. Edward Morse, Lehman's New York-based chief energy economist, said oil prices will average $75 a barrel in 2008, up from the previous forecast of $72. “Disappointing non-OPEC supplies, OPEC's refusal to increase output, and rising product demand are tightening markets,” said Lehman analysts in a report cited by Bloomberg.
OPEC’s head this week said this week he sees no oil supply shortage, adding that “If we add more oil it would not go to the refineries -- it would go to the stocks."
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