Peter Sutherland, chairman at BP, the UK energy giant, today rejected an "apocalyptic" prediction by Alexei Miller, deputy chairman of Russia's Gazprom, that the price of oil will reach $250 a barrel.

Mr Sutherland told an audience at the European Policy Centre, the Brussels-based policy think-tank, that there was no problem with oil supplies and dismissed Mr Miller’s forecast that the price will nearly double from the $139 record reached last week.

The BP chairman said: “Personally, I don’t believe in some of the more apocalyptic predictions. I don’t believe we’re in for a spike to $250 as suggested in price per barrel. ... Read full article