Tags: russian | oil | price | call

Russian Oil Giant Sees Price to $250 a Barrel

Tuesday, 10 Jun 2008 09:30 AM

The price of oil is likely to hit $250 a barrel, Alexei Miller, head of Russian energy giant Gazprom, warned here today, without saying when the surge would come.

"Today we are witnessing a critical increase in the price of hydrocarbons," Miller told journalists during a meeting of the European Business Congress.

"Now the price is going to reach a level never-before-seen. The perspective will be $250 per barrel of oil and the competition for this resource will be strong."

Miller said that while speculation had played a role in oil prices, "this influence was not decisive."

Today, New York's main oil futures contract, light sweet crude for July delivery, dipped 41 cents to $133.94 a barrel, after losing more than $4 dollars in value on Monday.

Brent North Sea crude for July delivery lost 66 cents to $133.25.

Crude futures pulled back on Monday from last week's record high points as the dollar firmed against the euro and OPEC kingpin Saudi Arabia stressed its willingness to meet any increase in global demand.

Last Friday, New York crude had spiked by 10.75 dollars a barrel — the biggest-ever one-day jump — after rocketing to an all-time peak of $139.12.

Brent had also hit a lifetime pinnacle of 138.12 and gained $10.15 in value on Friday.

© 2008 AFP. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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The price of oil is likely to hit $250 a barrel, Alexei Miller, head of Russian energy giant Gazprom, warned here today, without saying when the surge would come."Today we are witnessing a critical increase in the price of hydrocarbons," Miller told journalists during a...
russian,oil,price,call
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2008-30-10
Tuesday, 10 Jun 2008 09:30 AM
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