Gazprom: Oil To Hit $250 Next Year

That would make life rather…messy, wouldn’t it?

The Russians undermined Opec’s attempts to talk down the oil market yesterday by warning that crude prices could almost double to $250 a barrel within 18 months.
The prediction from Alexey Miller, chairman of Gazprom, came as the price of oil leaped $2.75 to $137.10 a barrel even though Opec insisted everyone was already “panicking” unnecessarily and stressed there were no shortages.
…Analysts said the latest Russian energy estimates were hard to support and noted they were not backed up with specified research data. “It’s crazy… maybe they know something we don’t,” said one. Abdullah al-Badri, the secretary general of Opec, had earlier appealed for calm. “Really we need some calm. We are panicking too much,” Badri told a global energy summit. “The situation is unbearable as far as we are concerned. I want to say, there is no shortage now and in the future.”

Yes, yes, it really must be unbearable for your, poor Abdullah. I mean, just what the hell do you do with all those dollars? I certainly would be quite flummoxed if my income doubled in a year.

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