A new big crisis in the oil sector is pouring: Prices are flying at $ 100.

The decline in oil prices that began in 2014 may be over the next year, and by 2020, prices could rise to $ 100 a barrel, writes the newspaper Izvestia, citing a survey by the National Rating Agency (NRA)

According to a survey at the end of 2017, revenues from the oil and gas sector will reach the level of 2015.

The conclusion is based on the fact that during the three years due to the low prices of petroleum products the company had to reduce its investment programs, which by 2018 will lead to a global supply crisis.

Reduced investments and the absence of the launch of new facilities will lead to the global crisis in oil supply by 2018.

According to the National Rating Agency, more than half of world oil reserves have reached their maximum production and are currently in decline.

The opening of oil fields fell to a record low in 2016, as companies continued to reduce their expenditures, while production growth at the expense of new oil projects was the lowest in the last 70 years.

The NRA explained that the reduction in investments in geological exploration and new oil fields has a delayed effect, as the growth in supply deficits will affect the price.

"Of course, the price will grow," said the head of the Board of Directors of the Corporate Sector of the National Rating Agency, Kiril Kukuškin.

• 3 Nov, 2017
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