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Experts rely on oil summit in Doha

Oil prices are expected to increase to 50 USD per barrel in next 12 months

Baku. 6 April. REPORT.AZ/ Despite the pessimistic mood recently arising in financial markets in connection with the results of the Doha summit investment company "Kepler Cheuvreux" located in Central Paris maintains its optimistic position.

Report informs, the head of Oil & Gas Research Department Bertrand Hodee believes that the chances to reach an agreement during the meeting without the participation of Iran, are about 60%. In this scenario Kepler Cheuvreux expects to achieve a balanced state of the oil market by the second quarter of 2017. At the same time, oil prices in the next 12 months could return to 50 dollars / barrel.

B.Hodee notes that in case of Iran's participation in a meeting, an imbalance in the market can be eliminated by the last quarter of this year. However, the company estimates the probability of this scenario at 15%. The probability of the absence of any agreement in the course of the meeting is 25%, in this case, oil prices will inevitably roll back to 30 dollars per barrel.

Note that after yesterday's news about reducing US oil reserves by 4.3 million Barrels, Brent crude oil increased by 3.4% to 38.55 dollars / barrel.

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