Fitch: Oil price cannot exceed $70-75 a barrel

"There are some factors that cause positive tendencies in oil price," Dmitry Marinchenko, natural resources and commodity director at Fitch Ratings, said at the opening of the annual conference of organization in Baku.

"These are OPEC decisions, reduction in oi production in Iran and Venezuela and processes against US. We don’t think that the decline in Iran and Venezuela in next two years will have serious impact on oil prices.

"We think that the lowest level of the oil price in the near term will be $55, the highest level - $70-75. If the prices sharply go up, this will lead to pressure by US on Saudi Arabia and OPEC countries. Because high oil prices are threat to US economy," he said.

"Fitch forecasts Brent crude price at %65 a barrel in 2019, $62.5 in 2020 and $60 in 2021. In the long run, we expect the price to be $57.5 on average. WTI crude may fall below $50," Marinchenko added.

Moreover, he said that they expect 2.2% lag in world economy this year.