Oil price is expected to move within $40-60 per barrel over medium term – Moody's
Almaty. August 23. Silkroadnews – The international ratings agency Moody’s Investors Service expects oil prices to move within a $40-$60 per barrel range over the medium term, Trend reports.
According to the report, in June the agency raised the «black gold» prices estimates to $40 per barrel in 2016 and $45 in 2017.
«While we have revised upwards our near-term estimated prices for oil, our medium-term expectation of 'lower for longer' oil prices remains unchanged», says Steffen Dyck, vice-president at Moody's.
Analysts and experts have different opinions on the future oil prices. Alexander Novak, Russia's Energy Minister, believes oil market to return to balance and the period of low prices will end in 2017. In his turn Li Yueqiang, Director of CNPC International Limited Relations Department, expects the cost of a barrel of oil not to reach $100 during the next 5-10 years. He believes, the oil prices recovery complicates the development of unconventional energy production.
The weighted average cost of the near-month crude oil futures contract made ICE Brent Crude Futures $49.16(-1.72) per barrel at Inter Continental Exchange (ICE) in London.
