Total Chief Predicts $200 Oil In The Future

AFP
Thursday, July 17, 2008

The head of French energy giant Total believes that oil prices will one day top 200 dollars per barrel but not this year even if the market will inevitably remain strong.

"We must get used to high energy prices," Total Chief Executive Christophe de Margerie told France 24 television in an interview broadcast at the weekend.

"Will the price of oil reach 200 dollars one day? Most definitely. Will it go above 200 dollars one day? I am sure of it. When? I don't know," de Margerie said.

However, "200 dollars before the end of this year, that looks like too much for me," he said.

"If we go up to 200 dollars in the space of two or three days, then that would be catastrophic. If we go up to 200 dollars over 10 or 15 years, then that would be more normal."

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