Total chief says oil at $100 barrel would be a mistake

26th January 2011, Comments 0 comments

The price of crude oil rising to $100 a barrel would be a mistake, the head of French oil giant Total said Wednesday.

"Going beyond 100 today would be a mistake. It's too high too quickly," Christophe de Margerie told journalists on the sidelines of the World Economic Forum in Davos, after an energy forum at the Swiss alpine resort.

After flirting with $100 a barrel earlier this year, oil prices pulled back last week.

Crude oil prices were up in Asian trade Wednesday, snapping a six-session losing streak in New York as traders looked for bargains after a recent sell-off.

New York's main contract, light sweet crude for March delivery, was up 22 cents to 86.41 dollars per barrel.

Brent North Sea crude for delivery in March gained 40 cents to 95.65 dollars.

Another participant at the Davos forum said: "80-90 dollars is the price we all need" while another panel member said market players were "all surprised by the high pace the oil market picked up."

"In the next decade, there is plenty of oil to be distributed," another panelist said.

While there is plenty of oil and gas left, extracting the resources is proving difficult due to increasing environmental pressure, one participant said.

For this reason, "we need nuclear" energy, he said.

© 2011 AFP

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