BAKU, Azerbaijan, Nov. 15
By Anastasiya Savchenko – Trend:
Some statements made by the energy ministers of the OPEC and OPEC+ member states will be discussed at the upcoming conference (to be held in the first decade of December of this year), head of the Azerbaijani Center for Petroleum Research Ilham Shaban told Trend.
"Situation at the world oil markets will be discussed, and this is a signal that the oil prices will increase next year," he said.
"After the attack on the Saudi fields, there was a sharp jump in the world oil prices - up to $71 per barrel in mid-September of this year,” the expert added. “Then oil prices were expected to reach $80 per barrel. Oil prices may rise even up to $100 per barrel."
“Then despite all expectations, the price of the world oil began to fall,” Shaban stressed. “The price was below $60 per barrel in October. Some people stressed that the price of Brent crude oil in this situation will not increase up to $64 per barrel."
The head of the center also stressed that the oil prices will remain at the same level if there is no cataclysm in the first quarter of next year.
“The oil prices usually either rise or fall to a minimum in the first quarter of any year,” Shaban said. “For example, oil prices fell to the lowest level in January 2016, while in 2018 the oil price increased up to $70 per barrel. The average price may reach $65 per barrel in early 2020."
The average price of Brent crude oil reached $69.8 per barrel in 2018. The price reached $85 per barrel in October, but by the end of the year it dropped to a minimum, almost falling below $50 per barrel and reached $53.8 per barrel.
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