Ian Taylor, chief of the world biggest oil trader Vitol, said that the world oil market has come to its saturation and there are no factors now for the oil quotes to go back up. According to its forecast, in the second half of this year oil prices will be about $50.00 per barrel and the maximum price next year could be $60.00 per barrel.
Till the end of the year oil prices will remain the same as now.
Ian Taylor said in his interview to Bloomberg agency that in the past years enough oil has been extracted for all the key markets to feel comfortable in mid-term. One should not expect growth of oil prices in the near future.
According to Taylor’s forecast, some growth is possible next year, but by the end of 2017 the prices will be above $60.00 per barrel. “I do not see preconditions for a sharp growth. There is enough oil at the market now and some time will be needed to refine it all,” said Vitol President.
This forecast coincides with the Goldman Sachs’ forecast, which also expected a long period of relatively low oil prices.