Vice-President of “LUKOIL” Oil will never be expensive as it was ten years ago

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Leonid Fedun predicted the era of cheap oil in the next 10 years.

Vice President and co-owner of “LUKOIL” Leonid Fedun said that oil “will never become expensive as they were ten years ago.”

According to the Russian top-Manager, the era of cheap oil will continue at least until 2040, writes TASS.

Its forecast for the top Manager explained the excessive output due to shale oil in the United States. He noted that the actions of the President of the United States to expand shale production, “undoubtedly, extended the life of the carbon fuel” as alternative technologies are not “economically viable only at an oil price of $80 per barrel.”

According to forecasts Fedun, by mid-March the price of oil will return to $60 per barrel. In his opinion, this will happen after the March OPEC meeting+. Because of falling demand for oil amid coronavirus OPEC+ can go to the reduction of production from 600,000 barrels to 1 million or more, I’m sure a top Manager.