International energy excludes high oil prices

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Natural Resources of IraqThe Executive Director of the International Energy Agency (IEA), Fatih Birol, ruled out a “significant rise in oil prices” over the next six months to a year.

This came in a statement on the sidelines of his participation in the work of the 22nd session of the “World Petroleum Conference” held in Istanbul.

Berol said that the continued low oil prices, creating a positive situation for countries such as Turkey, are linked to the current account deficit with oil.

“I do not expect a significant increase in oil prices over the next six months or a year, as there is currently more oil supply, so there is no place to store it.”

“The cost of solar energy projects has declined over the past five years to 80 percent, while the cost of wind power has fallen by 35 percent,” he said.

“I hope nothing will happen in the Middle East,” he said. “If I happen, I do not expect oil prices to see a big jump.”

Last Sunday, the 22nd session of the World Petroleum Conference, entitled Bridges for our Future in Energy, was launched in Istanbul and will continue until next Thursday.

The conference, held every three years in a different city, is expected to bring together more than 5,000 people, including ministers and high-level officials from many countries.

The conference includes roundtable meetings, workshops and technical seminars on the future of traditional and non-traditional energy resources, global energy policies and investment opportunities in the sector.

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