Make your bets

29 September 2004 By Fiona Maharg-Bravo

The oil price may be at $50, but some oil chief executives predict it will soon fall back to $30 or lower. With the forward curve at record levels, they should be protecting themselves against a fall.

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Oil prices hit $50 a barrel over worries of potential supply disruptions in Nigeria and low levels of US crude inventories.

Meanwhile, some oil chief executives say they expect the oil price to drop. Total's Thierry Desmarest told the Financial Times this month he doesn't expect European benchmark Brent oil prices to remain more than $30 a barrel for much longer. BP's chief executive John Browne told CNN he expected oil prices to stay above their longterm average of $20 a barrel for some time to come, but that $30 would be the most likely level.

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