TEHRAN, Iran — OPEC Secretary General Abdalla el-Badri said he expects crude to cost more than $100 a barrel until at least next year, while Iran’s envoy to the producer group foresees an “increasing trend” for oil prices in 2011.
The officials, speaking Tuesday to reporters in Tehran, underscored sentiment within the Organization of the Petroleum Exporting Countries that the run-up in recent months is not a result of inadequate supply.
Saudi Arabian Oil Minister Ali al-Naimi blamed speculators who buy crude futures for pushing prices to their current “unjustified” levels, the official Saudi Press Agency reported Tuesday.
“Speculation is playing a very important role, and I think the price will not come down below $100 for the rest of 2011,” el-Badri said at a news conference. He told reporters in Kuwait on Monday that current oil prices are “a concern” and include a premium of $15 to $20 a barrel. U.S. crude futures have gained 13 percent this year. Bloomberg News
