Wednesday, June 11, 2008

BP dismisses Gazprom's 'apocalyptic' $250 oil forecast

I have a friend, very experienced of Russia, who told me four years ago that Gazprom would have the world's largest market capitalization within a decade.
From the Times of London:
Peter Sutherland, chairman at BP, the UK energy giant, today rejected an "apocalyptic" prediction by Alexei Miller, deputy chairman of Russia's Gazprom, that the price of oil will reach $250 a barrel.

Mr Sutherland told an audience at the European Policy Centre, the Brussels-based policy think-tank, that there was no problem with oil supplies and dismissed Mr Miller’s forecast that the price will nearly double from the $139 record reached last week.

The BP chairman said: “Personally, I don’t believe in some of the more apocalyptic predictions. I don’t believe we’re in for a spike to $250 as suggested in price per barrel.”>>>MORE

Here's the $250 story via Bloomberg:

OAO Gazprom, the world's biggest natural-gas company, expects oil prices to reach $250 a barrel in the ``foreseeable future'' as competition for energy resources increases, Chief Executive Officer Alexei Miller said.

``We are witnessing a big jump in the price of hydrocarbons,'' Miller told reporters today in a briefing in Deauville, France....MORE

One of the best lines of all time, quoted in our post "Russia clears way for carbon profits":

In the words of Viktor Chernomyrdin, former head of Gazprom:
"We meant to do better, but it came out as always"