Expert: It will not be surprizing if oil prices exceed $100 in the long-term perspective

Baku. 11 October. REPORT.AZ/" if we take into account the oil price fluctuation between $26 and $145 during  the past ten years, it will not be surprizing if oil prices exceed $100 in the long-term perspective," Expert on energy and extraction of minerals, Editor-in-chief of the Scientific Mining journal Nejat Tamzok told Report.

According to him, in spite of the forecast by the U.S. Energy Information Administration on average price of Brent crude to be $72 a barrel in 2018, different opinions have already been voiced in this regard: "For instance, the International Energy Agency said in statements that oil prices are expected to rise in the mid-term perspective. This is obvious because OPEC does not want to increase the output though the demand for oil is increasing globally. In addition, Venezuela may also reduce output and this means a risk of imbalance between demand and supply."

For instance, the International Energy Agency said in statements that oil prices are expected to rise in the mid-term perspective.

Nejat Tamzok

“Scientific Mining” jurnalının baş redaktoru Nejat Tamzoq&

Touching upon the stabilization of oil price by the end of this year, the expert noted that Brent crude will be around $70-90 a barrel due to the fact that the prices are currently very volatile.