Azerbaijan, Baku, May 13 / Trend , A.Badalova/
The one positive piece of news in the current economic crisis is that of low oil prices, EU Commissar for Energy Andris Piebalgs said.
"One of the few good pieces of news in the current economic crisis (maybe the only one) is that oil prices have gone from the 147$ a barrel of July 2008 more than $100 down," Piebalgs said.
However, in the last days we have seen oil prices rising and reaching the price of $58 a barrel for the first time in nearly six months. Nevertheless low oil prices are also good news for gas, since gas prices are normally linked to those of oil.
The current fall of oil prices is just the consequence of an even more dramatic fall in demand due to economic crisis. But the fundamentals that drive the energy markets have not changed. Once the economic crisis is over demand for hydrocarbons will soar again, particularly in the developing world, he added.
"At this price oil producers have been forced to postpone many necessary investments in new production capacity. These investments take decades to be accomplished. In consequence, if the current economic crisis finished and demand recovers we could be facing huge shortage of supplies that can lead to extremely high prices," Piebalgs said. According to Secretary General of the International Energy Agency (IEA) Nabuo Tanak, oil prices may reach $200 per barrels in coming four years.
"The current relatively low oil prices give a respite to prepare for the coming new oil crisis, Piebalgs added.
"We need to accelerate the research for alternatives," he said.
And in all sectors, we have to accelerate our efficiency being aware that every barrel of oil that we are using is one of the last, Piebalgs said.
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