Return to high oil prices is unlikely

 

Return to high oil prices is unlikelyReturn to high oil prices amounting up to $ 120 per barrel is hardly possible, Saudi representative to OPEC, Mohamed al-Mady said today  on the sidelines of the conference on Energy in Riyadh.Commenting on the interest of Saudi Arabia to lower oil prices in order to weaken it rival in the region, Iran and reduce the production of shale oil in the United States, Mohamed Al-Mady said that the kingdom is not guided by political motives in determining their actions in the oil industry.“There isn’t any political dimension in what we do at the oil ministry,” he was quoted by Reuters as saying in Riyadh. “Our vision is commercial and economic.”A similar idea was expressed in an interview with VK by the president of the Union of Russian Oil and Gas Producers, a member of the Council on information and co-operation of producers in the fuel and energy complex, Gennady Schmal and analyst of Sberbank CIB Valery Nesterov."A fair price at this stage is $ 80 per barrel," Schmal said.Valery Nesterov said that oil prices will remain in the range of $ 60-70 per barrel. He added that in the first half of the year, the price might go down to $30-40 per barrel.

 

 

 

Return to high oil prices amounting up to $ 120 per barrel is hardly possible, Saudi representative to OPEC, Mohamed al-Mady said today  on the sidelines of the conference on Energy in Riyadh.
Commenting on the interest of Saudi Arabia to lower oil prices in order to weaken it rival in the region, Iran and reduce the production of shale oil in the United States, Mohamed Al-Mady said that the kingdom is not guided by political motives in determining their actions in the oil industry.
“There isn’t any political dimension in what we do at the oil ministry,” he was quoted by Reuters as saying in Riyadh. “Our vision is commercial and economic.”
A similar idea was expressed in an interview with VK by the president of the Union of Russian Oil and Gas Producers, a member of the Council on information and co-operation of producers in the fuel and energy complex, Gennady Schmal and analyst of Sberbank CIB Valery Nesterov.
"A fair price at this stage is $ 80 per barrel," Schmal said.
Valery Nesterov said that oil prices will remain in the range of $ 60-70 per barrel. He added that in the first half of the year, the price might go down to $30-40 per barrel.