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The fortnight’s burning question. Will global oil prices cross $150 per barrel in 2008?

Print Edition: June 1, 2008

The fortnight’s burning question. Will global oil prices cross $150 per barrel in 2008?

No. Amit Mitra, Secretary General, FICCI
OPEC members have indicated that they will not hike output quotas. This, and high oil prices are also encouraging research on alternate source of energy for further consumption. Given this scenario, I don’t see oil prices breaching the $150 (Rs 6,000) per barrel mark, though they will continue to remain high.

No. Subir Gokarn, Chief Economist, Standard & Poor’s Asia-Pacific
I think the pressure on world crude prices, which has repeatedly touched new highs over the last year, will ease over the next few months due to the anticipated slowdown in the global economy. If they don’t, then more countries around the world will start looking at alternate sources of energy.

Yes. Gnanasekar Thiagarajan, Director, Commtrendz Research
Crude oil prices are poised to rise as demand from developing countries such as China and India is rising on the back of economic expansion and power shortages. Then, oil companies all over the world are struggling to find new reserves. I believe crude oil may rise to $160-165 (Rs 6,400-6,600) per barrel by the year-end.

Compiled by Manu Kaushik

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