Oil hits year-high level

Posted on Friday, 12 June 2009 , 05:06:00 byEmil

Filed under oilhighpricecostbarrel20072008futureNone

Oil hits year-high level

The cost of oil at the moment reached 71.36 Dollars / barrel based on the predictions the price would hit eventually 250 Dollars and that all reserves fallen for the 1st time. Executives and analysts involved in this industry had predicted the oil would hit 80 or 90 Dollars/barrel in the near future and OPEC said that it could be considering raising more supply if the cost reaches 100 Dollars/barrel.

Alexei Miller, chairman of Gazprom energy group in Russia, reiterated his 250 Dollars / barrel estimate. 'This forecast has not become reality yet, given that the [credit] crisis gained momentum and exerted a powerful impact on the global energy market' said Miller. 'But does this mean that our forecast was unrealistic? Not at all'.

Statistical Review of World Energy of BP showed the world has proven that oil reserves dropped with 3 billion barrels - 1.258 trillion, this between 2007 and last year.