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Mexico Expects Oil Prices to Reach $70-100 Per Barrel by 2018

© Flickr / Paul Lowry / Oil Pump Jack
Oil Pump Jack - Sputnik International
Mexico expects oil prices to stabilize in 2018 around around the minimum of $70 a barrel.

MEXICO CITY (Sputnik) – The Mexican government expects international oil prices to stabilize at around $70-100 per barrel by 2018, Secretary of Energy Pedro Joaquin Coldwell told journalists.

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Since last June, global oil prices fell by about 50 percent due to market oversupply and large crude oil stockpiles. Current prices hover around $50 per barrel.

"The prices could depict the letter W, of rises and falls, until stabilizing themselves in 2018 around the minimum of $70 per barrel, and the maximum of $100, but we shall never return to prices of 2014," Coldwell said, answering a question by a Sputnik reporter.

The energy secretary said that one of the key factors in the oil price slump was an international oil market with a "surplus that ranges between 1.5 and 2 million barrels daily."

In November 2014, the Organization of Petroleum Exporting Countries (OPEC) chose to keep oil output at current levels, causing a further slump in prices.

Last month, Venezuelan President Nicolas Maduro said that he did not expect oil prices to return to $100 per barrel.

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