Caltex chief tips oil to reach $US200

The CEO of Australia’s largest oil refiner says he expects the price of oil will reach $US200 a barrel.

The Caltex annual general meeting has heard refining margins dropped during 2007, as the Australian dollar and the price of crude oil soared.


Caltex chief executive Des King has told the ABC’s Lateline Business program despite growth slowing in 2008, the long-term trend is for higher crude oil prices.

“We wish it would go lower rather than higher but we just don’t know, it’s all supply and demand,” he said.

ABC News (Australia)