Oil price will not exceed 60 USD/barrel

Baku. 31 March. REPORT.AZ/ "Due to the introduction of shale technology, the price of oil will not exceed 60 USD/barrel”. 

Report informs citing the Rambler News Service, head of Vnesheconombank Sergei Gorkov has said.

"During the 2008 crisis, the head of biggest US oil company forecasted that prices will not exceed 200 USD/barrel.

But he overlooked oil revolution. As a result of this revolution small companies have managed to develop new technology with an investment of not billions but tens of millions of dollars. The cost of this technology was 120, then 90 and now 60 USD/barrel. For that reason oil price will not exceed 60 USD/barrel”, banker said.

Notably, Bank of Russia forecasts the price of oil will drop to 40 USD/barrel until the end of the year.