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No global prerequisites for prolonged surges in oil prices - WPC president

June 26, 2013, 12:27 UTC+3
Renato Bertani warned, though, that the era of low oil prices was gone never to return
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, June 26 (Itar-Tass) - Shale gas and shale oil will make it possible to meet demand for energy without any surges in oil prices, the president of the World Petroleum Council, Renato Bertani, told Itar-Tass in an interview.

“We are prepared for a situation in which humanity over ten years to come will consume as much resources as it did in the previous 150 years,” Bertani said. “However, the shale gas and shale oil revolution will enable us to meet consumer demand without any price shocks,” Bertani said.

He warned, though, that the era of low oil prices was gone never to return.

“I am unable to guess the level of oil prices over ten years to come, but I am pretty certain they will not be low,” he said.

Bertani is certain that Russia plays one of the most important roles, possibly, the most important one in the world energy industry in terms of oil and gas extraction and explored reserves.

“Oil and gas will remain the main fuels for 50 years to come,” he believes. “Their share among other sources of energy will range 60-70 percent.”

Bertani remarked that world oil producers would be discussing cooperation issues at the 21st World Petroleum Congress due in June 2014 in Moscow.

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