Total expects growth in oil prices

Total expects growth in oil prices

The current value from our point of view is too low, director of the group's exploration and production says

Baku. 4 February. REPORT.AZ/ Oil prices could rise to 80 USD/barrel in the medium term. Report citing ITAR-Tass, the representative of the French energy company Total, director of Exploration and Production Arno Beyak said.

"In the medium term, we expect to increase oil prices to 80 USD per barrel. The current value from our point of view is too low" curled it.

But A. Breyak not make predictions as to how it will develop the dynamics of prices in the short term.

"It is not known yet how low can drop the price of oil. We do not know whether to keep low prices for hydrocarbons for a few months or for a longer period," said the representative of Total.

Breyak also said that the current trend in prices has not forced the French company to freeze or to opt out of any major project.

"We are still on their way, slow down investment in existing oil fields and infrastructure. Large projects are not affected," he said.

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