Oil surges to $135 a barrel but OPEC holds firm

Bank of Ireland oil analyst Paul Harris said the price could go even higher.

He said the growing focus upon ‘peak oil’ and the failing productivity of previously abundant giant oil fields has fuelled renewed belief that the era of ‘cheap’ oil has well and truly ended.


He said a raft of forecasts from leading banks predicting oil prices of between $150-$200 a barrel in the coming years were also impacting on the market, encouraging buyers in and driving the price higher.

Mr al-Badri said there was currently no shortage of oil in the world market and there was no need for any immediate output hike — or even for OPEC to meet to discuss prices before its next scheduled meeting in September.

Irish Independent