Moscow (Platts)--18 June 2013
Global oil prices are unlikely to drop below $100/b until 2025, supported by OPEC's market management efforts and crude demand growth in Asia, Leonid Fedun, vice president of Lukoil said Tuesday, presenting key findings of the company's first public long-term global industry outlook.
"Under our estimates, prices aren't going to drop below $100/b, with the [oil pricing] dynamics to be determined by three factors...softening or hardening of the [US monetary] policies...growing demand [for crude] in Asia and, in the longer term, African markets, and OPEC's stabilization efforts," Fedun said in an interview with Russia's Business FM radio station.
The so-called shale boom in North America is unlikely to have a visible downward effect on oil prices, according to Lukoil's outlook, Fedun said. Read more...