The oil prices will remain at the level of $42-47 a barrel in 2016 predicts Lukoil CEO.
The Chief Executive Officer of the Russian oil major Lukoil revealed: “I was at the meeting with OPEC member-states in Vienna where I talked to ministers from Iran and Iraq and various analysts. Everyone believes prices will stand at the current level next year. That is, we mean existing low price levels of $42-47 per barrel.”
He further added that the prices will start to increase late in 2016 – early 2017 when oil production and consumption level will become equal in 2017. Their estimates state that the oil price will start growing to about $60 a barrel in mid-term. Despite new sources of energy, conventional energy sources – oil, gas and coal – will continue for the next 40-50 years.