Gazprom predicts oil prices could double

Russian energy giant Gazprom has claimed the oil price could almost double from today's levels and hit $250 a barrel by 2009.

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Alexei Miller, chief executive of Gazprom, said the battle over resources was altering the dynamics of the fossil fuels industry.

Supply concerns recently pushed oil to almost $140 a barrel. Morgan Stanley has predicted this will rise to $150 by 4 July, while Goldman Sachs has said the near-term price could go as high as $200.

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