Stanford University: Oil prices up not expected next 20 years

Baku. 6 April. REPORT.AZ/ Rise in oil prices on the world market is not expected in the next 20 years.Report informs, Stanford University of USA came to this conclusion as a result of research.

Economic analyst of University Frank Uolak believes that the production of shale oil in the United States, the passivity of OPEC, the Iranian factor, distribution of shale oil in the world and increase of drilling efficiency - the main obstacles to higher prices.

Last year, the supply of oil in the world market increased by 2.7 million barrels.Of these, 700 thousand barrels accounted for OPEC, the rest - the share of the United States.Aggregate demand for oil is 870 thousand barrels.As a result, oil supply far exceeded demand, leading to a reduction in the cost of oil from 110 to 55 dollars per barrel.US not only produce, but also import oil.US oil reservoir volume of 520 million barrels filled to 67%.According to F.Uolaka, the price of oil in the next 20-25 years will fluctuate within 100 dollars.