Argus worsens forecast on oil prices

By Azernews

By Sara Israfilbayova    

Vice President of Petrochemical sector of Argus Dewitt agency Dave McCaskill said that Argus worsened its forecast about oil prices for the next five years.

The experts suggest that during this period oil price can reach only $60 per barrel. In their previous forecast, the experts suggested that price of the “black gold” in five years could reach a mark of $75 per barrel and higher.

During his speech at the conference "Monetization of gas in Russia and the CIS" held in Moscow, McCaskill marked that previously they supposed that in the next five years oil price could be $75 per barrel and more, but now they uphold more conservative views.

Argus Dewitt Vice President explained the deterioration of the forecast with more stable than expected shale oil production in the U.S. At the same time, the growth in demand for oil in the world turned out to be slower than was predicted.

Argus is an independent media organisation with more than 800 staff. It is headquartered in London and has 21 offices in the world’s principal commodity trading and production centers. Argus produces price assessments and analysis of international energy and other commodity markets. Argus was established in 1970 and is a privately held UK-registered company.