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2019-03-01 12:15:00

OIL PRICES WILL BE $60-$70

OIL PRICES WILL BE $60-$70

PLATTSThe next 10-15 years will be a period of stable development for the oil industry and prices will remain relatively high at $60-$70/b, the CEO of Lukoil, Russia's second-largest crude producer, said Wednesday.

"Forecasting prices is a thankless task, but there is reason to expect that they will be relatively high," Vagit Alekperov said during a speech to the Federation Council, the upper house of the Russian parliament.

Alekperov cited the longer-term impact of the 2014 price collapse and forecasts for a slowdown in US production growth as underpinning the forecast.

"The investment depression after the price fall in 2014 must have an effect. The world has not yet really felt the consequences. The significant inertia in the industry and the long investment cycle before production means that the impact, according to our estimations, will only really be seen starting from 2022," Alekperov said.

Those factors and their impact on prices should allow the market to remain balanced after 2025, he said.

Alekperov also discussed the impact of new digital technology on oil production costs. "Today the industry is in the early stages of implementing digital solutions. According to our estimates, they may lead to a drop in the cost of production by 10-20% by 2035."

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