Turkish expert: Oil price will not change much by year end

Baku. 28 May. REPORT.AZ/ The price of oil in the world market will not be much adjusted until the end of this year. President of the International Association for Energy Economics. Prof. Dr. Gürkan Kumbaroğlu told Report.

"Some analysts predict that by the end of the year prices will rise to $ 100 / bbl." Short-term prices broke through a mark of $ 80 per barrel.But I do not expect too much growth and oil price fall not seem possible by the end of the year", - he said.

He pointed out that the rise in oil prices in recent weeks is due to the geopolitical situation:

"Geopolitical confusion in the world influenced growth of oil prices up to $ 70-80/bbl. On the one hand, prices have risen because of the increase in demand caused by the reduction in supply within the framework of the OPEC + agreement. However, geopolitical problems, in particular sanctions against Venezuela and Iran, as well as growing geopolitical risks in the Middle East, have also begun to affect prices. I expect prices to be balanced. They will not be able to break a mark of $ 100 / bbl, as the US is gradually increasing the production of shale oil. Most likely, prices will be balanced at the level of $ 70-80 / bbl, and will go down in the long run".