Oil price on world market may hit $ 80

Baku. 26 January. REPORT.AZ/ The price of Brent oil at the world market may reach $ 80 per barrel by the end of 2018.

Report informs citing the TASS, the CEO of Crescent Petroleum, one of the largest oil and gas companies in UAE, Majid Jafar said at the World Economic Forum (WEF) in Davos, Switzerland.

Jafar also warned of the potential impact of geopolitical events, noting that: “…the concern is, a shock like Venezuela, one country, with a major outage of production, could see a shock to prices, and, over the next few years, because of the huge underinvestment we had over the last few years, the concern is, as global growth continues, and the balance happens in the market, you could see a shock upwards on oil prices”.