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Total says long-term supply fears drive record oil

Tue Jul 1, 2008 3:50am EDT

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MADRID, July 1 (Reuters) - The chief executive of French oil major TOTAL (TOTF.PA) said on Tuesday that the main driver of high oil prices was fears that long-term oil supplies would not meet demand.

Christope de Margerie told the World Petroleum Congress that there was enough oil to meet demand now.

OPEC president Chakib Khelil said the oil cartel was doing a lot to boost supplies. (Reporting by Tom Bergin; Editing by Paul Bolding)



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