While the supply in the global oil market continues to exceed demand, said the head of middle East office BP’s Michael Townshend.
ABU DHABI, 10 Nov. The price of oil will stay on average of 60 dollars per barrel in the next three years, says the middle East head office for BP’s Michael Townshend (Townshend Michael).
“We believe that the price will remain at $ 60 per barrel for another three years, until the supply (the global oil market — ed.) continues to exceed demand,” Townshend said at a press conference at the ADIPEC oil and gas forum-2015.
“We see that demand exceeds supply at least until the end of next year. When this happens, you will need another two years to sell the accumulated stocks (oil — ed.),” added Townshend.
At the same time, the International energy Agency (IEA) believes that it is possible that the oil price will stay close to $ 50 per barrel by the end of this decade and will increase to $ 85 per barrel only by the end of 2040.
Such forecasts the Agency made based on the lowest estimates of global economic growth over the medium term, and low political stability in the middle East and OPEC policy on preservation of the share in the oil market, says the annual report of the IEA World Energy Outlook, released Tuesday.