Oil ‘will hit $100 by winter’

Saw this on EV World about surging demand of oil and thought it was interesting.

Oil ‘will hit $100 by winter’
Worst-ever crisis looms, says analyst ·
Surging demand to keep prices high Heather Stewart, economics correspondent

Oil prices could rocket to $100 within six months, plunging the world into an unprecedented fuel crisis, controversial Texan oil analyst Matt Simmons has warned.

Although, after crude surged through $60 a barrel last week, nervous investors were pinning their hopes on a build-up in US oil-stocks to depress prices in the coming months.

However, Simmons believes surging demand will keep prices bubbling well above $50. ‘We could be at $100 by this winter. We have the biggest risk we have ever had of demand exceeding supply. We are now just about to face up to the biggest crisis we have ever had,’ he said.

As a result, OPEC producers held emergency talks last week to consider making their second 500,000 a barrel increase in production quotas.  Yet, the discussions suspended last Thursday after prices dipped back below $60.

Therefore, the looming oil crisis is not high up the agenda at this week’s G8 meeting.  Although, heads of state are expected to repeat their call for greater transparency about their oil reserves.

For the entire story at http://www.guardian.co.uk/business/2005/jul/03/oilandpetrol.news

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