World oil prices will not exceed $60 per barrel ranging within $50-$60, according to a leading economist of the European Bank for Reconstruction and Development (EBRD), Dmitry Gvindadze.
“In my opinion, this year, oil prices will remain at the same level, i.e. within the range of $50-$60 per barrel,” Gvindadze told Trend. “But it is very difficult to talk about what will happen next year or in two or three years, as there are many factors that affect the price of oil. I mean such fundamental reasons as the volumes of oil consumption, new technologies, which are used in oil production, shale gas, and so on.”
Oil prices have almost halved since July 2014 and stabilized in the beginning of 2015. After in November OPEC member states refused to cut the quota for oil production in November, the decrease in oil prices accelerated. The average price for oil has varied within $50 per barrel since early 2015.
However, the crisis in Yemen boosted the prices of the black gold.
The confrontation between the Houthi rebels (a Shia group) and the authorities has in recent months seriously aggravated. While Houthis actually seized the power in Yemen, a coalition of 10 countries, including the six Gulf states, launched military strikes against the Houthis.
However, many experts believe that the volume of oil production in
Yemen is not so great - 145,000 barrels per day - and hope the conflic will not go outside impacting the oil price further.
This fact was confirmed, as on Mar. 27 the price of the May futures for the Brent North Sea oil mixture dropped to $58.22 per barrel, and the price of May futures for WTI light crude oil – to $50.43 per barrel.
So far, there is no common opinion about the oil price.
Standard Chartered Commodities Head Paul Horsnell considers that the
price per a barrel may rise to $100 by 2016.
Iraqi Oil Minister Adel Abdel Mehdi said that the cost of an oil barrel may reach $ 70 by late 2015.
Russian Finance Minister Anton Siluanov stocks to a different opinion, saying that the oil price will not reach $ 70 per barrel in the coming years.
But Siluanov’s colleague – Russian Deputy Finance Minister Maksim Oreshkin does not see the reason to raise the forecast from $50 a barrel.
