US Vice President Joe Biden stated at the Caribbean Energy Security Summit that global oil prices are likely to remain relatively low for the next several years. Oil markets were negatively affected by Saudi Arabia's decision to cut prices for January deliveries to US and Asian customers.
Global Oil Prices Continue to Drop as Saudi Arabia Maintains Production WASHINGTON, January 27 (Sputnik) — The United States expects global oil prices to remain low in the coming years, Vice President Joe Biden said at the Caribbean Energy Security Summit on Monday.
“Let’s start with oil prices, now under $50 a barrel…it is likely going to remain relatively low for, at the near term, the next several years,” Biden said.
Biden urged that it was up to governments to “keep up with fundamental changes” in the “new moment” of energy that he said was not just taking place in the Caribbean “but worldwide.” Russian first deputy Prime Minister Igor Shuvalov gestures during the session 'Growing in Harder Times' in the Swiss mountain resort of Davos January 23, 2015 © REUTERS/ Ruben Sprich Russia's Anti-Crisis Plan to Be Based on Current Oil Prices
Global oil prices began to fall sharply during summer 2014 amid an oversupply in the market. Prices then dropped further after the Organization of the Petroleum Exporting Countries, whose 12 member states account for some 40 percent of world oil output, decided not to cut production in late November.
On Monday, March futures for Brent crude oil decreased by 0.95 percent reaching $48.33 per barrel. The price of West Texas Intermediate (WTI) light sweet crude oil futures for March delivery also dropped by 1.13 percent to $45.08 per barrel.