News 2024
May 2015Oil Prices
The Organization of Petroleum Exporting Countries (OPEC) does not count on return of the global oil prices to the level of $100 over the next 10 years, which is proved by a draft strategy report, prepared by the cartel members, based on the excerpts, published by The Wall Street Journal.
According to the document, according to the most optimistic scenario, by 2025 the oil would cost about $76 per barrel; at the same time, it is possible that the prices will be reduced to $ 40 by 2025. The rates might be even below or above these levels during 10-year period. In general, the report estimates reflect the OPEC concerns that the American shale oil producers will cope with low commodity prices and they will continue to produce.
Version with $100 per barrel prices is not stipulated in any of the scenarios, said some of the participants of the draft report presentation, which was held in Vienna at the beginning of May, Interfax reported. The document could still be changed before the OPEC ministerial meeting in June. The authors of the draft report recommends the member countries to return to the production quotas, which are not observed now and to strengthen the discipline within the Organization in order to increase the OPEC influence on the global market.