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Oil Price to Vary from $60 to $70

Source: www.gulfoilandgas.com 5/9/2015, Location: Asia

A senior Iranian petroleum ministry official has predicted that oil prices would vary from $60 to $70 this year.

“Based on forecasts regarding growing demand, the oil price is expected to fluctuate between $60 and $70 [a barrel],” Mehdi Assali, director for OPEC affairs at Iran’s Ministry of Petroleum, said.

“Cut in oil production from non-conventional resources in the US is one of the reasons of oil price hike in the past weeks,” he said.

Assali said it costs OPEC less than $20 to produce a barrel of oil while non-conventional oil costs more than $45 a barrel. He added that shale oil recovery is uneconomical.

He said the market has realized that US shale oil production would stop as prices keep falling.

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