Opec chief warns of $200 a barrel oil price

The president of Opec, the cartel of oil-producing countries, has given warning that the price of crude could hit $200 a barrel, sparking fears that rising fuel costs will force more businesses into bankruptcy.

Chakib Khelil, the Algerian Energy Minister and president of Opec, said that the falling value of the US dollar would continue to drive up oil prices as investors sought to store their wealth in other assets.


Lehman Brothers, the bank, has said that high prices are being sustained by an influx of money into the oil market from investment funds.

It estimates that “hot money” accounts for between $20 to $30 of the recent increase in oil prices and about $40 billion (