Total CEO sees oil price in $105-$115 range
BY INTI LANDAURO
PARIS -- Total’s CEO said he expects the price of oil to move within a range of $105-$115 a barrel.
Over the past two years, the oil price average has remained close to $110 a barrel on the world markets, Christophe de Margerie told reporters on the sidelines of a conference held in Paris.
"I have no crystal ball. Don't ask me for how long the tendency will last" Mr. de Margerie said.
He added the price may move from the range in the coming months in one direction or the other, depending on the market situation in countries such as Venezuela, where instability may contribute to global price increases; or Iraq, where rising production may bring prices lower.
Total's CEO also said the marginal cost of producing oil, still at around $100 a barrel, brings some support to the oil price on international markets.
Dow Jones Newswires