Oil prices will not start going up earlier than 2017 and before that they could be less than $30.00 per barrel for a long time, warned representatives of the biggest world oil traders that gathered at the International Petroleum Week on London.
“We should not hope that low fuel prices will lead to increase in its demand. All countries manufacturing raw materials are stressed now,” said Christopher Bake, member of Board of Directors of Vitol.
Many traders questioned by FT during the conference share pessimism of the sector’s leader.
Meanwhile, the biggest oil producing companies, including BP and Shell, stake at restoration of balance of supply and demand at the market in the second semi-annual period and as a result they expects growth of oil prices.
“In the second half of the year all storages and even basins in the world will be filled with oil, after which the basic market principles must start working and the market will be re-balanced,” said BP President Robert Dudley on Wednesday.
