Allianz predicts oil price of $200 a barrel in next 2 years

BERLIN (AFP) — German insurance giant Allianz expects the oil price to hit $200 a barrel in the next two years, according to a press report to be published Monday.

“I cannot imagine that post-2010 we will have an oil price of below $200 a barrel in the long term,” Allianz board member Joachim Faber told Monday’s edition of Der Tagesspiegel newspaper.

In May, U.S. investment bank Goldman Sachs’s star analyst Arjun Murti also predicted that the oil price could strike $200 within the next two years.

“The possibility of $150-200 per barrel seems increasingly likely over the next six to 24 months,” he said in a research note.

AFP