Iran: Crude oil could hit US $100 a barrel

May 2, 2006 17:15

Iran's deputy oil minister, M. H. Nejad Hosseinian, on Tuesday said crude oil prices are likely to hit US $100 a barrel this coming winter as demand outpaces supply. "By winter, it is very much possible," Hosseinian said, when asked by reporters if global crude prices would peak at around US $100 barrel. "Oil supply in the short term cannot be increased," he told reporters in New Delhi, according to Dow Jones newswires.

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