Ominous warning oil price rise just starting

LONDON – The chief executive of the world’s largest energy company has issued the most dire warning yet about the soaring the price of oil, predicting that it will hit US$250 ($332) per barrel in the foreseeable future.

The forecast from Alexey Miller, the head of the Kremlin-owned gas giant Gazprom, would herald even more expensive petrol and send shockwaves through the economy.

His comments were the most stark to be expressed by an industry executive and come just days after the oil price registered its largest-ever single-day spike, hitting US$139.12 per barrel last week amid fears that the world’s faltering supply will be unable to keep up with demand.

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