Oil price forecast for next 5 years reduces

Baku. 4 April. REPORT.AZ/ Oil price forecast for next 5 years reduced for the next 5 years.

Report informs citing the RIA Novosti, an international independent evaluation and research agency in the UK, "Argus" company has prepared a report on the matter.

Company Petrochemical Department Vice-President Dave McCaskill said although "Argus" earlier forecasted oil prices at 75 USD/barrel in the next 5 years, in the new report, he decreased forecast by 20% to 60 USD / barrel.

Stabilization of US shale oil production has reduced price forecast.

Speaking at the CIS Gas Monetisation Conference in Moscow, Dave McCaskill said that the oil producers have managed to produce oil at cost of 35-40 US dollars/barrel: "Despite the difficult conditions in oil market they continue to increase production. This increase occurs at a higher level than we think."