Oil Prices to Stabilize at $50-$60 Per Barrel in Coming Years – Opec

MOSCOW. March 16 (Interfax) – Oil prices will stabilize at $50- $60 per barrel in the coming years, OPEC Research Division Director Adnan Shihab-Eldin said in the corridors of a G8 energy ministers’ meeting in Moscow on Thursday.

He said that he believes that oil prices will stabilize at $50- $60 per barrel in the coming years, and that there will no longer be price growth as seen in the recent past.

He said that if OPEC manages to stabilize prices, then it will be possible to speak of the price dynamic.

He told Interfax that prices in the OPEC basket in the coming months will be focused around the $60-mark per barrel. He said that this is how it would be in the coming few months, but that it is difficult to say what would happen later. He said that price changes depend on many factors and that they are influenced not only by oil producers and supplies, but also by many political factors.

He said that at lot will depend not on events that are currently taking place in oil exporting countries, but on what will influence oil supplies in the future.

The OPEC representative also said that if oil prices start to fall “it will be dramatic.”