NEW YORK, Nov 13 — The chief executive of French oil major Total SA said yesterday that low global demand does not justify the current high price for oil, above US$76 (RM258) a barrel.
“Today the price of oil may be US$70 or US$80, tomorrow it may even be US$90,” Total CEO Christophe de Margerie said after a panel discussion at Columbia University in New York. “But I’ll tell you this. If you look at supply and demand, the price should be lower.”
US crude futures settled yesterday at US$76.94 a barrel, down US$2.34. Total is the No. 4 oil major in the world. — Reuters
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