OPEC has no influence on oil prices, according to Gazprom chief
Russia's biggest energy company has warned that oil prices will end at a 'radically' new level and that OPEC has little influence over the price of crude.
Alexey Miller, chief executive of Gazprom, said that the global economy is facing "a great surge in oil and gas prices" that will "end with prices at a radically new level."
His comments to the Financial Times came as oil surged to a new high of $141.98, leaving prices more than double where they were 12 months ago and casting a shadow over the prospects for the global economy this year and next.
Mr Miller also dismissed hopes that the Organization of Petroleum Exporting Countries can do much to bring prices down. "Not a single decision has been passed of late that would really influence the global oil market," he said.