Opec head sees oil price hitting $200 a barrel
By Russell Hotten, Industry Editor
Last Updated: 1:20am BST 30/04/2008
The president of Opec has warned that the price of oil could hit $200 (£100) a barrel, spelling more pain for the major crude-consuming economies.
Chakib Khelil said there was nothing that the oil producers' cartel could do to bring down the high price, which he blamed on geopolitical tensions and market speculators.
His comments, coming as oil touched a record $120 a barrel on Nymex at one stage yesterday, are seen as rejecting pleas from America and Europe for Opec to turn on the taps and help rein in the price. Mr Khelil, Algeria's energy minister, said there is no evidence of a shortage of oil on world markets.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/.../04/29/cnopec129.xml
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