Oil prices to remain in USD 50-60 per barrel range in next 5 years

Published July 13, 2020, 12:38 AM

by manilabulletin_admin

By Philippine News Agency 

Oil prices will stay in the range of USD 50-60 per barrel and such price is fair for producers and for consumers, Chief Executive Officer of UK-based BP Robert Dudley told TASS in an interview on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

“It may be lower a little bit or may be above it for short periods of time but at the moment, if you ask me about the supply and demand, I would say USD 50 to USD 60 [per barrel],” the top manager said.

BP will be comfortable for the next five years with the price between USD 50 and USD 60 per barrel, Dudley said.

“I do not believe we will see USD 100 [per barrel] in the next five years nor do I think we will see USD 20 [per barrel]. I think price of USD 50 to USD 60 [a barrel] is actually healthy for the world because for consuming countries it is a fair price for energy and for producing countries it is a fair price for their product,” he added.