Russia’s Rosneft exec says oil price may grow to $80–90 in 5 years

ST. PETERSBURG, Jun 14 (PRIME) -- The oil price may grow to U.S. $80–90 per barrel in five years, which is acceptable to development of hydrocarbon reserves in the Arctic, Andrei Shishkin, vice president for energy, localization and innovation at Russian oil major Rosneft, said Tuesday during a lecture in the St. Petersburg Graduate School of Management.

“I have to say that the trend will change nevertheless. It is changing already, but it will take a long time for the trend to change, maybe five years…Everyone will still have to invest money in the oil industry, and it will provide an impact for growth of prices. I think that the price will be around $80–90 in five years. It is acceptable to development of the Artic,” he said.

The company’s reserves in the Arctic are currently estimated at 42 billion barrels of oil equivalent, he said.

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