Azerbaijan, Baku, Dec. 8 / Trend A.Badalova /
Oil prices on world markets will not soon reach the levels that prevailed in summer 2008, Oil Markets Department head at U.S. Energy Security Analysis (ESAI) Rick Mueller said.
"I think it will be many years before we see a rally as strong as in 2008," Mueller wrote Trend in an e-mail.
In summer 2008, oil prices reached a record high of $147 per barrel. However, by the end of 2008, prices fell to almost $30 per barrel due to the onset of the financial crisis.
At the end of last week, oil prices on world markets fell on the backdrop of the strengthening U.S. dollar. As a result of Friday trades Dec. 4, the price on January futures for U.S. WTI crude fell by $0.99 to $75.47 per barrel at the New York Mercantile Exchange. The price for January's futures for North Sea Brent oil fell by $0.84 to $77.52 per barrel on the London Stock Exchange.
According to Mueller, prices remain at a comfortable level for OPEC, so the organization maintains its current production quota levels at its December meeting.
The next meeting of OPEC members will be held in Angola Dec.22.
According to Saudi Oil Minister Ali al-Naimi, the current level of oil prices is "perfect," whicha hints that there is no need to change the oil cartel's quotas today.
Today the level of oil production by 11 OPEC countries (excluding Iraq) is 24.85 million barrels per day. Last year, OPEC decided to reduce oil production to 4.2 million barrels per day.
"However, the remote possibility remains of a supply side shock linked to nuclear events in Iran disrupting production there," the expert said.
Iran is one of 12 OPEC members, which produces 40 percent of the world's oil production.
According to BP, Iran's oil production in 2008 amounted to 4.325 million barrels per day, which is 0.2 percent below the volume of production in 2007.
"I do not expect crude prices to climb by the end of the year, and they could in fact fall somewhat to the lower $70 range," he added.
The U.S. State Energy Information Administration (EIA) also does not expect significant growth in oil prices.
According to the EIA forecast, the average price on U.S. crude WTI for October-March will be $77 per barrel. In December 2010, the EIA expects a growth in the average prices on WTI to $81 per barrel.
According to forecasts of one of the world's largest banks JPMorgan, the average price on WTI in 2009 will hit $61.34. The average price for Brent will rest at $62.42 per barrel.
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