Today.Az » Business » Vahid Alekperov: "Period of cheap oil has ended"
03 July 2008 [09:32] - Today.Az
Period of cheap oil in the world has ended and growing demand on energy resources stimulates their price hike, said Lukoil president Vahid Alekperov at a press conference in Baku.
"If anyone knew how high the oil price would be, he would become the richest person in the world. It is only clear that the period of cheap oil has passed", said he.
According to him, demand of energy resources is growing and China and India are a motive force of rise in this case. "Oil companies, having technologies, staff and financial potential and lacking available resources, are able to invest large sums for development of fields difficult of access-these are Canadian sands and deepwater shelves.
All these expenses form high oil prices, recorded today. Arabian countries and OPEC member-states are now on the peak of their production and sharp rise of production volumes without colossal investments is not expected", said Alekperov.
It should be noted that August bargain prices of WTI oil at NYMEX made $140.95 per baller. Cost of a bargain on Brent oil made $141.06 per barrel at London ICE Futures in August.
/Day.Az/
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