Oil prices are expected to average $70 per barrel in 2019 compared to $53 last year, United Arab Emirates (UAE) Energy Minister Suhail Mazrouei told Sputnik on Saturday
ABU DHABI (Pakistan Point News / Sputnik - 12th January, 2019) Oil prices are expected to average $70 per barrel in 2019 compared to $53 last year, United Arab Emirates (UAE) Energy Minister Suhail Mazrouei told Sputnik on Saturday.
"Today we look at an average year of around $70 per Brent from $53 [last year]," Mazrouei said on the sidelines of the Atlantic Council Global Energy Forum.
The minister added that while oil and gas market was shaky last year, 2019 is prime time for investments in long-term projects in the industry.
The global oil market has been facing significant turbulence since 2014 when a Brent oil barrel cost over $110.
