According to forecasts of OPEC states for the next 10 years, oil prices will stay below $100 per barrel. The price in 2025 is expected to reach $76 per barrel at best. The forecasts may change on the eve of the OPEC ministerial set for June. Saudi Arabia offered an excessive amount of oil, lowering prices, to keep its consumers. Low oil prices may force low-income American companies using hydraulic fracturing out of the market, TASS reports.
Since mid-2014, oil prices have dropped by over half of their price. Brent oil prices fell to $45 per barrel. OPEC states decided to keep the quota for oil extraction at 30 million barrels a day on November 27, 2014, making the prices tumble even further down. The prices for Brent started going up in late January - early February, amounting to $60 per barrel.
