The price of oil is likely to hit $250 a barrel, Alexei Miller, head of Russian energy giant Gazprom, warned here today, without saying when the surge would come.


</p><tr><td><p class='TableClas'></p><P class='TableClas'> <DIV CLASS=rightDiv><script language="JavaScript">
		google_ad_client = 'businessstandard';
		//google_ad_client = 'ca-businessstandard_js';
		google_ad_width = 200;
		google_ad_height = 200;
		google_ad_format = "200x200_as";
		google_ad_type = "text";
		google_ad_channel = "";
		//google_color_border = "FFFFFF";
		google_color_border = "F7F7F7";
		//google_color_bg = "FFFFFF";
		google_color_bg = "ffffff";
		//google_color_link = "639ACE";
		google_color_link = "0253B7";
		google_color_text = "000000";
		google_color_url = "D63431";
		//google_skip = adsenseSkip;
		</script> 
		<script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
		</script> </DIV><p class='TableClas'>"Today we are witnessing a critical increase in the price of hydrocarbons," Miller told journalists during a meeting of the European Business Congress.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</p><p class='TableClas'>"Now the price is going to reach a level never-before-seen. The perspective will be $250 per barrel of oil and the competition for this resource will be strong."&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</p><p class='TableClas'>Miller said that while speculation had played a role in oil prices, "this influence was not decisive."&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</p><p class='TableClas'>Today, New York's main oil futures contract, light sweet crude for July delivery, dipped 41 cents to $133.94 a barrel, after losing more than $4 dollars in value on Monday.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</p><p class='TableClas'>Brent North Sea crude for July delivery lost 66 cents to $133.25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</p><p class='TableClas'>Crude futures pulled back on Monday from last week's record high points as the dollar firmed against the euro and OPEC kingpin Saudi Arabia stressed its willingness to meet any increase in global demand.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</p><p class='TableClas'>Last Friday, New York crude had spiked by 10.75 dollars a barrel 

Oil likely to hit $250 a barrel: Gazprom head

More From This Section

Steel policy on cards to iron out woes

ED slaps Rs 99-cr penalty on IPL team Rajasthan Royals

Rlys cuts spending on metro projects

Budget won't be the sole ratings driver, says Fitch

Also Read

PPP model of running PHC gets another 3 yr term

Special nodes to train cadets for Def academies

Fertiliser stir is politically motivated: Yeddy

Asian real estate mk't to address climate change

India's export bans rattle world food market: US

Explore News