Gary Ross: Oil price will reach 80 USD/barrel

Baku. 13 October. REPORT.AZ/ “In the case of decrease in global investments in oil sector Brent crude oil price may rise by 40% versus current prices and reach 80 USD per barrel in next 5 years.

Report informs this statement was made at the press-conference in New York by Gary Ross, founder of PIRA Energy, a section of S&P Global Platts information agency.

G. Ross said uncertain situation around development of shale oil sector and increasing the production of electric vehicles in USA may push the oil price even higher.

“Investments go down. Who will invest in oil when shale oil and electric cars sectors are developing?!".

According to analyst current volume of oil reserves are exaggerated. Although, OPEC says oil reserves are 170 million barrels above the five-year average, this volume is not above 50 million barrels and continues to decline.

“Oil reserves have already been absorbed. We will not see 30-dollar level per barrel again. But we will continue to live with price of 50-60 USD per barrel for a while”, G.Ross said.

Specialist in oil sector Gary Ross forecast drastic fall in oil prices in 2014.