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Oil prices not to fall up to $10-15 per barrel – expert

Oil prices not to fall up to $10-15 per barrel – expert

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Date: 13 January 2016 20:47

Baku, Azerbaijan, Jan. 13

Trend:

Saudi Arabia's privatization of Saudi Aramco state oil company will not have a serious impact on the pricing policy, Alexander Razuvayev, the economist, the director of the analytical department of the Russian Alpari company, said.

Saudi Arabia will keep the control stock and adjust the prices for its profitability.

“The prices will not fall to a record level of $10-15 per barrel,” he said. “On the contrary, the prices can increase twofold-threefold by late 2016 compared to the current rates and reach up to $ 90 per barrel.”

Razuvayev doubted that an OPEC emergency meeting will save the situation.

“OPEC is controlled by Saudi Arabia,” he said. “I do not believe OPEC until a price war is underway.”

“The price war will be over when the US reduces the production and most of the US companies go bankrupt,” he said.

“Saudi Arabia is considering IPO Saudi Aramco’s opportunity,” Mohammad bin Salman Al Saud, the deputy crown prince of Saudi Arabia, the defense minister and the head of the economy and development council, said in an interview with the Economist. “The decision may be taken in the coming months.”

“By selling a share in the company, the government expects to partially cover the budget deficit, resulting from the fall in the world oil prices,” Reuters said.

Saudi Aramco is the world's largest oil producer. The company currently controls more than 10 percent of the world market.

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