Mumbai: Reliance Industries Ltd (RIL) chairman Mukesh Ambani said the world should be prepared for “three-digit” crude oil in the “foreseeable future”, in his first public appearance since winning a four-year legal battle with estranged younger brother Anil Ambani.
Full Story: Prepare for 3-digit oil price: Ambani - Livemint
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Mumbai: Reliance Industries Ltd (RIL) chairman Mukesh Ambani said the world should be prepared for “three-digit” crude oil in the “foreseeable future”, in his first public appearance since winning a four-year legal battle with estranged younger brother Anil Ambani. “By most analyst accounts, crude oil prices will likely be above the $70 (Rs3,157) mark, and in the foreseeable future, in the worst case, we have to be prepared to again see a three-digit oil price,” Ambani said at the Asia Petrochemical Industry Conference 2010 in Mumbai on Friday. Ambani was also critical of government subsidies that create a “future burden”. Emphasizing that $80-100 was “a norm in this ever-changing global dynamic”, Ambani, Asia’s richest man and the fourth wealthiest in the world, explained there was a need “to reset our thinking” and “find creative responses”, rather than hope oil prices will go back to what they were two decades ago.Full Story: Prepare for 3-digit oil price: Ambani - Livemint
