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Bush's former energy advisor expects oil to hit $250 per barrel

Berlin, Jan 3, IRNA-The former energy advisor of US President George W Bush, Matthew Simmons, predicts oil prices could reach as much as 250 US dollars per barrel over the coming years.

"We have to expect an oil price between 200 and 250 dollars per barrel," Simmons was quoted as saying on Tuesday in the January issue of the German-based Capital economic magazine.

He cited an imminent shortage of oil supply and a growing global demand, especially in China and India, for the sharp rise in oil prices.

Simmons who heads the American energy investment firm Simmons & Co, pointed also to a worldwide decline in conventional oil discoveries in new fields.

He anticipated global oil output could drop from the current 75 million to 65 million barrels per day by 2012.

... Payvand News - 1/4/06 ... --

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