Oil prices seen at $50-$80 range through 2011, then climbing towards $100-$110 per barrel

In Venezuela, a recent energy forum in Caracas discussed various oil price equilibrium scenarios.

According to the presenters, Saudi Arabia has targeted $60-$70 per barrel, while Venezuela and Iran are targeting $70-$80. Presenters noted that investment bankers are calculating that the price will average $50-$60 through early 2011 and then begin to rise towards $100-$110.

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