Oil prices are likely to rise in the long-term as production costs escalate and a "good value" for oil is at around $100 a barrel, Peter Voser, Chief Executive of Royal Dutch Shell PLC (RDSB.LN), said Tuesday at an industry conference.
Oil prices are likely to rise in the long-term as production costs
escalate and a "good value" for oil is at around $100 a barrel, Peter
Voser, Chief Executive of Royal Dutch Shell PLC (RDSB.LN), said Tuesday at an
industry conference.
"If you look long term, the oil price in our opinion will rise because it
will be technically speaking more complex to develop the resources," Mr.
Voser said, adding that non-technical costs of engaging with communities and
governments will also increase.
He said the cost of producing oil and gas in countries outside the Middle East
is particularly high, and the long-term oil price needs to be a $100 per barrel
or even more in some countries.
"Non-OPEC gas will have to flow as well and for that you need a certain
price," he said at the World Energy Congress at Daegu in South Korea. The
Organization of Petroleum Exporting Countries accounts for around a third of
global oil production.
Mr. Voser echoed the opinions of oil producers who have previously said that
crude-oil prices need to be over $100 a barrel to sustain jobs and industries,
even in key producers like Saudi Arabia who need the revenue to boost rapid
urbanization.
Nymex WTI crude settled at $102.41 a barrel Monday, while ICE Brent crude
settled at $111.04 a barrel.
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