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Opec has warned that the price of oil could hit US$200 a barrel, spelling more pain for the major crude-consuming economies.
The cartel's president, Chakib Khelil, said there was nothing that the oil producers' group could do to bring down the high price, which he blamed on geopolitical tensions and market speculators.
Mr Khelil, who is Algeria's energy minister, said there is no evidence of a shortage of oil on world markets.
His comments came as oil touched a record US$120 a barrel at one stage yesterday.
