OPEC Secretary General believes oil prices could climb as high as $ 200 a barrel.
But one of the bigwigs in the huge US bank Goldman Sachs estimates that the price could fall so far down som30 barrel.
Missing investments
The price of North Sea oil was Tuesday morning stable at around $ 48 a barrel.
Oil prices may rise up to 200 dollars a barrel if oil producers do not invest more in production of new oil and gas fields, said Abdalla El-Badri Monday, according to news agency Bloomberg.
OPEC decision in November
He is Secretary General Organization of Petroleum Exporting Countries (OPEC).
It was OPEC that with its majority decision in late November refused to cut oil production to slow fall in oil.
The result was that oil prices plunged from around $ 80 to below $ 50 a barrel today.
Price record for crude oil was set in July 2008 before the global financial crisis broke out. Then North Sea oil traded for $ 147 a barrel.
Downward price spiral
President Gary Cohn of Goldman Sachs Group, former oil broker, thinks that oil prices are in a downward spiral.
The award will continue to fall and may fall as low as $ 30 a barrel, he said to the US television channel CNBC Monday.
The International Energy Agency (IEA) wrote in his monthly report on oil market last week that the price fall could lead to more investment plans in the energy sector, not just oil and gas development can be put on ice.
The IEA has estimated that investment in oil production may fall by 100 billion dollars this year – or 15 percent of total global investments in this sector, said IEA chief economist Fatih Birol during the economic summit in Davos last week.
“Unlikely”
Oil analyst Ole Sloth Hansen Danish Saxo Bank believes it is usannsylig oil prices reach levels around $ 200 a barrel soon.
He points out that if oil prices rise above $ 100 a barrel again, it will get utvinnerne of shale oil and dioxide when out with drilling his equipment for conducting so-called fracking on land. This will help to increase the supply of oil, and thus dampen further price increases.
1.5 million. Barrels of production
It is estimated that today there is an overproduction of 1 , 5 million barrels of oil a day.
OPEC has publicly said that they are willing to meet other oil nations that are not members of the organization for how to deal with overproduction.
– The market going to be brought back into balance by a reduction in the supply of oil rather than an increase in demand, said El-Badri.
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