OPEC Sec-Gen Can’t Rule Out $80 Oil Spike

Oil prices may temporarily spike to $80 a barrel during the next two years in there is a major supply disruption, OPEC’s Acting Secretary-General, Adnan Shihab-Eldin, was quoted as saying by a newspaper on Thursday.

“I can stress that the probability that the price of a barrel of crude rises to $80 in the near future is a low probability,” Shihab-Eldin told leading Kuwaiti daily al-Qabas in an interview in Vienna.

“However, I can’t rule out the rise of a barrel of oil to $80 in the coming two years,” he said.