BAKU, Azerbaijan, Nov. 14
By Anastasia Savchenko - Trend:
It is expected that by the end of 2019, oil prices in global markets will be above $60 per barrel, and the average price may be around $62-$63, Head of the Caspian Barrel Oil Research Center in Azerbaijan Ilham Shaban told Trend.
“The average annual price of Brent crude oil will be above $64 per barrel,” the expert said.
Shaban noted that now, the oil prices are above $60 per barrel; since the beginning of November, these prices have risen and remain at around $62.5-$63 per barrel.
“The increase in oil prices is due to several factors,” the expert said. In his words, “Firstly, a report regarding oil reserves published last week by the US Department of Energy showed that the reserves declined. This had an impact on the world oil prices.”
Shaban emphasized that one of the factors that influenced oil prices was the weakening of the economic conflict between the US and China.
“It is expected that next year there will be no mutual claims between the two countries, no mutual sanctions, tax increases etc.,” the expert added. “This should contribute to the growth of the global economy, which will lead to an increase in energy consumption. As a result, oil prices may rise by a few points.”
The average price of Brent crude oil in 2018 amounted to $69.8 per barrel. In October, it reached $85 per barrel, but by the end of the year it dropped to a minimum, almost collapsing below $50 per barrel, but finished the year at $53.8 per barrel.