It will take a minimum of three years for Iraq's oil industry to reach a point where it can seriously affect world prices for hydrocarbons, Gennady Shmal declared at a press conference here Thursday. Shmal is president of the Union of Oil and Gas Industrialists and chairman of the board of Rosneftegazstroi. He said this is a very difficult time for predicting oil prices. 'A great many political and economic factors are affecting these prices,' Shmal said, adding: 'I think oil prices are going to fluctuate in the USD 25-27 per barrel range for some time.'
He noted that China's strong economic growth has been a major factor in high oil prices. 'China itself produces on the order of 180 million tonnes of oil a year, far from what it needs. So China has had to go into the world market for a great deal of oil, and this has had big effects on oil prices,' Shmal said.
The shooter freely entered the building of the university and opened fire at those who were present on the ground floor