‘Demand won’t drop until $160 a barrel’

An expert in the sector says that oil demand will not fall unless prices reach staggering $160 per barrel.

Dr Amrita Sen, director of research at Energy Aspects, says despite record fuel prices, the cost of oil is “inelastic” and would need to skyrocket to affect demand.

Dr Sen was a witness at a hearing by the Treasury Committee on the effectiveness and economic sanctions against Russia.