Moscow. January 21. Oil companies agree that oil prices will start to rise in the second half of 2016, said the head of “LUKOIL” Vagit Alekperov on the sidelines of the WEF in Davos.
“Today in Russia there is a tendency to reduce investment in drilling, it could lead to a decline in production. Major new fields to enter is not planned. The goal is to improve the work with existing deposits,” he said.
Ex-Finance Minister Alexei Kudrin believes that oil prices have not hit bottom and may even drop to $16 per barrel.
The head of Sberbank German Gref hopes that in the first half of the year oil will cost in the range of $25 to $30-35 per barrel, while volatility will remain high.
Chief investment strategist at BlackRock, Russ Koesterich also believes that the fall of oil has not yet been completed. He drew attention to the fact that the producers of shale oil in the US become more effective, and in many Middle Eastern countries the cost of production below the current price level, therefore fall in the oil market may continue.