Novak predicted oil at $150 in 10-15 years

Following the increase in oil prices will happen in 10-15 years when the price of a barrel of oil could reach $150. About it in interview “RIA Novosti” Minister of energy Alexander Novak. “The next cycle will be soon, in 10-15 years. Then, maybe, we will see oil prices of $150 and above,” said Novak.

He also noted that the lack of oil on the world market can occur in 2-4 years. “Such risks actually exist,” — said the Minister. Novak said that the deficit could be due to the fact that a huge amount of investment has left the market, may cause the inability to ensure the growth of demand in full.

Novak said that the fall in investment has been going on for two years. This phenomenon is of inertial nature, the Minister said.

Earlier Novak said that the Ministry of energy see downside risks to oil prices at the end of this year. The Minister said that market stabilization will occur in 2017.

16 June the price for Brent crude oil fell to $of 47.21, showing a decline of more than $1.5. So the cost of a barrel Brenta was not may 12, 2016.

According to analysts, the drop in prices has occurred from-for fears of investors about the outcome of the referendum about a possible British exit from the EU, which will be held on 23 June 2016.