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A few days ago, Vagit Alekperov, chief executive of Russian oil giant Lukoil, said in an interview with foreign media on Monday through an interpreter that he expects crude oil prices to rise back to $40-50 per barrel
.
Alekperov said he thinks $40-$50 a barrel is the level
oil prices will maintain in 2016.
Billionaire oil magnate Harold Hamm, chairman and CEO of Continental Resources, echoes
Alekperov's views.
Hamm also said he sees demand growing
.
He told CNBC that demand for the company's oil has increased significantly, up about 3 percent
year-on-year.
Both oil executives believe West Texas Intermediate prices could be higher or at least on par
with Brent prices, boosted by the lifting of the U.
S.
oil export ban.
Lifting the ban on oil exports is part of
a bill recently signed into law by President Barack Obama.
Since the 70s of the last century, the United States has been restricting oil exports
due to oil shortages.
But the global oil market is now well supplied, and lifting the ban on oil exports is expected to allow U.
S.
oil companies to export oil
to overseas refiners willing to pay higher prices.
Alekperov said he did not see a significant impact
on the market.
He also said the move could only bring prices back into balance for Brent and West Texas Intermediate
.
A few days ago, Vagit Alekperov, chief executive of Russian oil giant Lukoil, said in an interview with foreign media on Monday through an interpreter that he expects crude oil prices to rise back to $40-50 per barrel
.
Alekperov said he thinks $40-$50 a barrel is the level
oil prices will maintain in 2016.
Billionaire oil magnate Harold Hamm, chairman and CEO of Continental Resources, echoes
Alekperov's views.
Hamm also said he sees demand growing
.
He told CNBC that demand for the company's oil has increased significantly, up about 3 percent
year-on-year.
Both oil executives believe West Texas Intermediate prices could be higher or at least on par
with Brent prices, boosted by the lifting of the U.
S.
oil export ban.
Lifting the ban on oil exports is part of
a bill recently signed into law by President Barack Obama.
Since the 70s of the last century, the United States has been restricting oil exports
due to oil shortages.
But the global oil market is now well supplied, and lifting the ban on oil exports is expected to allow U.
S.
oil companies to export oil
to overseas refiners willing to pay higher prices.
Alekperov said he did not see a significant impact
on the market.
He also said the move could only bring prices back into balance for Brent and West Texas Intermediate
.
