NEW DELHI, December 15. /Corr. Alexander Antipin/. In the near future is expected to increase oil prices.
Siluanov: oil prices in 2016 will temporarily fall below $30 per barrel
This was stated by the head of OPEC Abdullah al-Badri at a meeting with Indian Minister of state of petroleum and natural gas Dharmendra Pradhan with.
“I’ve been in this business all my life, – quoted him as saying on its website the newspaper “Business standard”. – I’ve seen very high prices. I’ve seen very low prices. Now very low prices. However, this will not happen in the future.”
According to him, oil prices “may start to grow for several months or years.” He also added that because of falling prices the industry has lost $130 billion of investments during the year, and the supply of oil from countries that are not members of OPEC, will be reduced next year to 400 thousand barrels per day.
THE FORECAST OF THE IEA: OIL PRICE WILL RETURN TO $80 PER BARREL IN 2020
The oil price in the international market will be back at $80 per barrel in 2020, then the tendency to a slight further increase. Such data are contained in the annual report of the International energy Agency (IEA) World Energy Outlook 2015, which was presented in the Italian capital.
“We foresee price increases to $80 per barrel. But, of course, it cannot be excluded that the price of oil will remain at current low levels. And that would have implications for the oil market and the global economy. The IEA believes that keeping the price at $40-50 per barrel in the coming years, despite the benefits for consumers could be a problem,” said the Executive Director of the Agency, Fatih Birol.
According to him, the persistence of low oil prices will have a negative impact on the U.S., which will decrease the production of shale oil, will also hurt the economies of Brazil, African countries, Russia. Moreover, the persistence of low oil prices will reduce investment in the sector.
According to the forecast of experts of the Agency, by 2020 the demand will increase and will reach an average of nearly a million barrels a day. But since 2040, this growth will stop under the influence of rising prices, development of alternative energy sources, and reduce investment in unstream more than 20% in 2015.