By the 2010, barrel of oil may cost $ 100

Following discussion at the session “What is the cost of oil?” the market took as a benchmark for 2010. level of $ 100 per barrel. It was reported at the International Energy Forum in St. Petersburg, chairman of the board of Gazprom Alexei Miller.

“This is good news for producers and consumers, as this level can reduce the risk under investments in new projects for the production of hydrocarbons and, consequently, the risk of long-term deficit offers”, – said the head of Gazprom.

“It seems that the price of oil by the end of 2009. Reach 85 dollars per barrel”, – said A. Miller. Market critically reviewed the ratio of production now and in the near future, stock, the expected energy demand and the level of prices.

The market reacted to the natural decline in production from existing fields around 7% per year and the reduction due to the crisis of capital costs in the industry, estimated at 18% in 2009.

Thus, the observed level of oil prices in recent weeks – about 70 dollars per barrel. “This is not a technical correction and not a random fluctuation, but a return to pre-crisis trend”, – considers the head of Gazprom. “Today, we see that the market reflected the changing moods of the economy. We have observed the trend is absolutely acceptable to consumers”, – A. Miller concluded.