Oil could reach as high as $90 a barrel because of demand from emerging markets, said ConocoPhillipsCEO Jim Mulva.
“The world economy is really starting to respond, particularly in Asia Pacific, India, and the Middle East,” Mulva said during an interview on CNBC. “And I think the demand for oil will start to increase.”
He expects oil prices to move toward $85-$90 next year and in 2012, up from the $75-$85 range prices have been at this year.
“Natural gas prices will continue under pressure, because of the slowness of the recovery,” Mulva said. He said he was “bullish” on natural gas and thinks that over time prices could be about $5-$7 per Mcf.
Those prices, Mulva said, could be realized if the U.S. had a energy policy that was “a level playing field, but definitely supportive of natural gas.”