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Gazprom, Russia’s gas monopoly, predicted oil prices would reach USD 250 a barrel in 2009, Financial Times writes.
The striking prediction came as the International Energy Agency, the developed world’s energy watchdog, warned that record high prices were needed to choke off demand in order to balance the oil market.
It was the IEA’s most candid admission to date that oil supply is struggling to catch up with Asian demand, and follows the sharp rise in prices last week, which saw crude jump more than USD 16.24 in less than 36 hours to a record USD 139.12.
Gazprom’s prediction came at a strategy presentation in Deauville, where Alexey Miller, chief executive, said: “Today we are witnessing a very great change for hydrocarbons. The level is very high and we think it [the price of oil] will reach USD 250 a barrel.” A company spokesman specified that Gazprom believed that level would be hit in 2009.
That is substantially higher than forecasts by analysts, who see oil prices in 2009 ranging between USD 100 and USD 200.
The striking prediction came as the International Energy Agency, the developed world’s energy watchdog, warned that record high prices were needed to choke off demand in order to balance the oil market.
It was the IEA’s most candid admission to date that oil supply is struggling to catch up with Asian demand, and follows the sharp rise in prices last week, which saw crude jump more than USD 16.24 in less than 36 hours to a record USD 139.12.
Gazprom’s prediction came at a strategy presentation in Deauville, where Alexey Miller, chief executive, said: “Today we are witnessing a very great change for hydrocarbons. The level is very high and we think it [the price of oil] will reach USD 250 a barrel.” A company spokesman specified that Gazprom believed that level would be hit in 2009.
That is substantially higher than forecasts by analysts, who see oil prices in 2009 ranging between USD 100 and USD 200.
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