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DrumBeat: June 10, 2008

Posted on June 10, 2008

Gazprom sees $250 oil next yearDEAUVILLE, France Russia's Gazprom, the supplier of a quarter of Europe's natural gas, expects the price of crude oil to almost double within 18 months and to take gas prices higher with it. We think it will reach $250 a barrel in the foreseeable future, chief executive Alexei Miller told reporters at a presentation in France, adding high demand rather than speculation was the primary factor for high hydrocarbon prices.A spokesman said the company, which is also one of Russia's largest crude producers, expected the price to hit the $250 (U.S.) a barrel level...

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