Oil to Hit $80?

A supply disruption could send crude prices to $80 a barrel, according to OPEC's Secretary-General.

Published: 03-Mar-2005

KUWAIT (Reuters) - Oil prices may temporarily spike to $80 a barrel during the next two years if there is a major supply disruption, OPEC's Acting Secretary-General, Adnan Shihab-Eldin, was quoted as saying by a newspaper on Thursday.

"I can stress that the probability that the price of a barrel of crude rises to $80 in the near future is a low probability," Shihab-Eldin told leading Kuwaiti daily al-Qabas in an interview in Vienna.

"However, I can't rule out the rise of a barrel of oil to $80 in the coming two years," he said.
 
"But, if the price rises to this level for one reason or another (for example a shortage of supplies from a producer nation by one or two million barrels per day), it's not expected that this spike will last long."

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