BP chairman rejects ”apocalyptic” talk of $250 oil

BRUSSELS (Reuters) – The chairman of British oil major BP (BP.L) rejected as “apocalyptic” a prediction by the head of Russian gas giant Gazprom (GAZP.MM) of oil prices soaring to $250 a barrel by the end of next year.

BP chairman Peter Sutherland told the European Policy Centre on Wednesday there was no problem with available supplies of fossil fuels in the medium term, but there was a need for more investment to develop those resources.


“(I) personally don’t believe in some of the more apocalyptic predictions,” Sutherland said when asked about Tuesday’s forecast by Gazprom CEO Alexei Miller.

“I don’t believe we’re in for a spike to $250 as suggested in price per barrel.”

Reuters