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Oil to Cost About $60 Per Barrel in 2016-2018 - BP Head

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Oil prices are expected to stay at $60 per barrel over the next three years, BP's regional president for Middle East, Michael Townshend, said Tuesday. 10.11.2015, Sputnik International

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Oil to Cost About $60 Per Barrel in 2016-2018 - BP Head

19:52 GMT 10.11.2015

Pump jacks are seen in the Midway Sunset oilfield, California, in this April 29, 2013 file photo - Sputnik International

Oil prices are expected to stay at $60 per barrel over the next three years, BP's regional president for Middle East, Michael Townshend, said Tuesday.

ABU DHABI (Sputnik) — At the same time, the International Energy Agency (IEA) predicts, that oil prices could continue at close to $50 per barrel until 2020 before rising to $85 per barrel.

"We believe that the price will remain at $60 per barrel for another three years, until the supply [in the global oil market] continues to exceed demand," Townshend was quoted as saying at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) by the FreeNews news portal.

Oil prices around the world dropped from $100 to $50 per barrel for Brent crude in mid-2014 due to oversupply in the global market.

Turkey oil (File)