Oil price to fall in 5-10 years globally

Azeri analyst Elmur Soltanov thinks that the world price on oil might decrease for the next five years to the margin of $70-80.

Many oil-producing countries are increasing oil extraction, which will eventually bring down the world oil price so that the current $100 USD paid for oil might degrease to around $75-80.

Economies of the oil-producing countries may face problems particularly in the countries where export of oil ensures the highest income. This will particularly hurt Russia’s economy if the West refuses to buy Russian gas and oil as a sanction targeted against Moscow for its occupation of Crimea.