Oil surged through $145 a barrel on Thursday, heightening expectation the $150 barrier could be breached later in the trading session.
A month ago investment bank Morgan Stanley, one of Wall Street's biggest energy traders, said crude might reach $150 by July 4 -- the U.S. Independence Day holiday -- because of robust Asian demand and falling inventories.
Following are comments from leading oil industry figures on the possibility of crude hitting $150 and the factors that have driven the rally.
SAUDI OIL MINISTER ALI AL-NAIMI:
Madrid, July 3, crude just over $145: Asked whether oil would hit $150: "If I knew that, I'd be in Las Vegas."
The oil minister of the world's biggest exporter said the price run-up was stoked by a large flow of financial money, a weak U.S. dollar, geopolitics, fear the world is running out of fossil fuels and natural disasters.
"Now when you combine all of these and try to figure out what the price will do it will be a difficult task for anybody."
OPEC PRESIDENT CHAKIB KHELIL:
Paris, June 26, oil near $135: "I forecast prices probably between $150-$170 during this summer. That will perhaps ease towards the end of the year."
Madrid, July 1, oil near $143: "One of the major issues right now is whether we are going to have another devaluation (of the dollar) in July."
"Prospects for oil prices are extremely uncertain and highly volatile. We don't know if they will stabilize or come down."
CHEVRON (CVX.N: Quote, Profile, Research, Stock Buzz) VICE PRESIDENT
Madrid, July 3, oil near $145: "In Chevron's view, most of the price increases we have seen are related to fundamental concerns about the outlook for physical supplies in the long term," said John Watson.
IRANIAN OIL MINISTER GHOLAMHOSSEIN NOZARI
Madrid, July 2, oil around $144: "Part of it is due to the dollar. If this trend continues, it looks like we have no other choice but to see higher prices."
"This has made a panic from those who need crude oil for the future."
A month ago investment bank Morgan Stanley, one of Wall Street's biggest energy traders, said crude might reach $150 by July 4 -- the U.S. Independence Day holiday -- because of robust Asian demand and falling inventories.
Following are comments from leading oil industry figures on the possibility of crude hitting $150 and the factors that have driven the rally.
SAUDI OIL MINISTER ALI AL-NAIMI:
Madrid, July 3, crude just over $145: Asked whether oil would hit $150: "If I knew that, I'd be in Las Vegas."
The oil minister of the world's biggest exporter said the price run-up was stoked by a large flow of financial money, a weak U.S. dollar, geopolitics, fear the world is running out of fossil fuels and natural disasters.
"Now when you combine all of these and try to figure out what the price will do it will be a difficult task for anybody."
OPEC PRESIDENT CHAKIB KHELIL:
Paris, June 26, oil near $135: "I forecast prices probably between $150-$170 during this summer. That will perhaps ease towards the end of the year."
Madrid, July 1, oil near $143: "One of the major issues right now is whether we are going to have another devaluation (of the dollar) in July."
"Prospects for oil prices are extremely uncertain and highly volatile. We don't know if they will stabilize or come down."
CHEVRON (CVX.N: Quote, Profile, Research, Stock Buzz) VICE PRESIDENT
Madrid, July 3, oil near $145: "In Chevron's view, most of the price increases we have seen are related to fundamental concerns about the outlook for physical supplies in the long term," said John Watson.
IRANIAN OIL MINISTER GHOLAMHOSSEIN NOZARI
Madrid, July 2, oil around $144: "Part of it is due to the dollar. If this trend continues, it looks like we have no other choice but to see higher prices."
"This has made a panic from those who need crude oil for the future."
