There is no reason to believe that the oil market is now in a ‘super cycle’ and prices will rise again to $100-140 per barrel, Minister of Oil and Gas of Oman Mohammed bin Hamad Al Rumhi said on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Report informs.
“There is no reason to think that there is some kind of super recovery (in demand), a super cycle, and everything will go back to $100-140 a barrel again. I don’t panic like that,” he said.
He noted that the talk that prices will return to $100 is triggered by panic.
“I think there is no reason to panic. OPEC data show that both supply and demand (in the oil market) are in order,” the minister continued.
Of course, the current situation may change, and this is normal, he said. In his opinion, it is necessary to continue to closely monitor the situation, but not to panic, to be responsible and to continue investing in oil projects.