MOSCOW (Sputnik) – World oil prices have fallen by nearly two-thirds since mid-2014 due to market oversupply, with Brent crude averaging $48.94 per barrel and WTI $45.68 per barrel as of September 16.
“If [oil] prices drop to $40 or lower, then we will most likely see a reduction in oil extraction,” Teksler told journalists.
“Anything can happen. A price of $20 per barrel won’t last long…anything’s possible, but in the long run this is highly unlikely,” he said.
