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Fall in oil price getting "dangerous": Total CEO

PARIS
Sun Nov 23, 2008 1:02pm EST

PARIS (Reuters) - The sharp drop in the price of oil is worrying and could hinder investment in the industry, Total Chief Executive Christophe de Margerie said on Sunday.

"I think it is beginning to get dangerous. I think that ... we are getting to a level that will brake investment in a sector that is crucial," Margerie told LCI television.

He added that recent highs of $140 a barrel were excessive, but said oil should cost between $80-$90 a barrel to allow the industry to bring much-needed new fields on line.

The price of oil has fallen nearly $100 from a record high of more than $147 in July, with U.S. light crude for January delivery trading around $50 on Friday.

(Reporting by Crispian Balmer; editing by James Mackenzie)


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