The oil will never again become as expensive as it was ten years ago. This is due to the excess production of shale oil in the United States, said Leonid Fedun, vice president and co-owner of LUKOIL, Russia's multinational energy corporation headquartered in Moscow.
Report informs, referring to TASS news agency, that, according to Fedun, the era of cheap oil will continue until at least 2040.
In Brussels, Fedun presented the company's long-term forecast of the main trends in the development of the liquid hydrocarbon market until 2035.
He noted that the US president's efforts to expand shale production have certainly extended the life of carbon fuels (in competition with alternative sources) since alternative technologies are economically viable only at an oil price of $80 and higher.
Earlier, oil prices began to rebound after falling by 4-5 percent last week. May futures for Brent crude increased by 4.112 percent as of 20:39 Moscow time, to $51.8 per barrel. Meanwhile, the price of WTI crude rose 4.441 percent, settling at $46.84 per barrel.
Oil prices and world stock indices experienced a decline amid the spread of the Chinese coronavirus COVID-19. Due to the outbreak, the Organization for Economic Cooperation and Development downgraded its forecast for the economies of all G20 members, including Russia.