Dr. Rejaifar at CNBC Europe: “We will continue to have higher prices in oil in the new year since nothing fundamental has changed after Iraqi war. – The Chief Executive Officer and President of S.A.F.E was interviewd on 23rd Decmber 2003 by CNBC. He appeared on Europe Squawk program to discuss about the Oil market and its effect on the price of shares in Oil & Gas sector.
He had the view that the oil prices continue to move higher in early 2004 for two main reasons: 1-weak dollar and 2- low inventories because of the high demand. At the time of the interview the price of WTI was $31 per barrel and by third week of January 2004, WTI reached $36 per barrel.
As of shares in Oil & Gas sector, he spoke about BP which is one of the biggest companies in FTSE with a market cap of over 97 billion pounds. Since start of recovery in FTSE from its lows in March 2003, BP was lagging the recovery. Dr. Rejaifar’s view is that with high oil prices and recovery of stock market, BP should catch up and get back to about
