BP Economist: 'Oil prices will be gradually formed'

Spencer Dale: 'I hope market regulation will be completed by this year-end'

Baku. 13 May. REPORT.AZ/ 'Gradual regulation has already been observed in oil market. I hope market regulation will be completed by this year-end'.

Report was told by BP Group Chief Economist Spencer Dale, who is on a visit to Baku.

'At least, we see light at the end of the tunnel. The prices will be formed gradually. However, it's difficult to say something on new prices and the time of their stabilization', the economist said.

According to the 2016 Energy Outlook of BP, the oil market gradually rebalances, with the current low level of prices boosting demand and dampening supply. 

The report says that, global liquids demand (oil, biofuels, and other liquids) increases by around 20 Mb/d, to reach 112 Mb/d by 2035.

'All of this increased demand comes from emerging economies, with China and India accounting for over half of the increase. 

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