Baku, Azerbaijan, Aug. 30
By Elena Kosolapova, Aygun Badalova - Trend:
Oil prices will rise to $55 a barrel in 2017 and $65-70 a barrel in 2018, owner at Turlish SEM Sustainability, Energy & Management Erol Metin said.
He made the remarks at the First International Association for Energy Economics (IAEE) Eurasian Conference being held in Baku, Azerbaijan, Aug. 30.
He believes that oil prices in the medium term will depend on several factors, such as level of the shale oil production, response of oil producing countries on new economics of the global oil market, investments in exploration and production, as well as influence of climate change on oil demand.
With regard to shale oil production, Metin mentioned that the number of drilling rigs in the US has already decreased, but production level is decreasing not as fast as expected.
Metin also believes that OPEC will not set the oil production quotas.
He aslo added that investments in exploration and production have already been decreased, and that will further lead to reduction of oil output.