Oil prices are surging incessantly, thanks to political mishmash among the oil producers. Currently, oil is available at $75.57 a barrel and it is highly anticipated that very soon it will cross the three digit marks. The Goldman Sachs Group has assessed that by 2009, oil will be priced at $100-a-barrel. Whereas, Jeff Rubin at CIBC World Markets calculates that $100 a barrel could hit within six to seven months. Increasing oil prices is pressurizing OPEC to drill more oil then it proposed to produce, otherwise the toll can climb to $95 per barrel quite likely this year. Higher prices have blown off many economies, hitting the international market really hard and eroding profits of major industries. Market experts blame that degrading political relations among the oil producers is responsible for the soaring prices and one breach in confidence can prove drastic to humpy-dumpy international economy. America is highly blamed for the ruckus, as its invasion in Iraq is considered a corner stone for the present depleting scenario. America’s relation with Iran and Venezuela are standing on hatred and malice. America is eying to attack on Iran and any military strike might prove drastic to the international fraternity. Violence affected Nigeria oil basin is also equally responsible for the galloping oil prices. Insufficient oil availability is affecting the demand, consequently increasing the oil prices. OPEC’s research division’s head Hasan Qabazard, claimed that prices should tally $60 to $65 per barrel, but reality is contrary to claim. Developing economies are worse hit by high prices, as to pace with the constant development; they need huge quantity of oil to run their industries. Emerging nations will fuel consumption up, as it will increase by 3.6 million barrels at the end of the year, which is equal to the daily production of Kuwait and Oman combined. At present, the gap between mid-east and western countries is widening, and from here, all seems obscure. For better and improved business ties, world needs equal opportunity. Image Via: IHT