OPEC: Oil prices may increase to 100 USD

OPEC: Oil prices may increase to 100 USD But they added that oil prices could begin finding a new equilibrium by the end of 2015
December 23, 2014 16:35
OPEC: Oil prices may increase to 100 USD

Baku. 23 December. REPORT.AZ/ ArabOpecproducersexpect globaloil pricesto rebound to between $70 and $80 a barrel by the end of 2015, and arebetting thata global economicrecoverywill revive demand. Report informs, OPEC delegates told to Reuters agency. Source informs, reason of it is rapid growth of high-costproducerssuch as US shale slows and lowerpricesbegin to stimulate demand.

Besides this, One Gulf oil source told Reuters: "‎The general thinking is thatpricescan't collapse,pricescan touch $60 or a bit lower for some months then come back to anacceptablelevel which is $80 a barrel, but probably after eight months to a year."

A separate Gulf Opec source said: "We have to wait and see. We don't see100 dollarsfor next year, unless there is a sudden supply disruption. But average of 70-80 dollars for next year – yes."

Opec, which pumps a third of the world's oil, has repeatedly refused to cut output because it does not want to give up market share.

The second GulfOpecsource reiterated that the cartel will not cut output alone. Non-Opecproducerssuch as Russia, Mexico, Kazakhstan and "anyone producingmore than onemillion barrels per day" should also cut or at least freeze their output if they want a stable market and betterprices.

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