Politics

​STAR Director-General: “Oil price may rise to $35 within a year”

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The oil price maybe $15-20 a barrel within three months, $20-25 a barrel within six months, $25-30 a barrel within nine months, and $30-35 within a year, STAR Director-General Mesut Ilter said, Report informs.

However, according to him, the prices may range depending on the situation with the coronavirus.

‘As is known, the oil price had revived after OPEC+ reached an agreement to cut the output by 9.7 million barrels from May 1 until the end of June. I think the oil price will form depending on the situation of the coronavirus. If the epidemic lasts long, the prices may restore later. I hope we’ll see a price rise in the medium and long-term period. However, it will not happen rapidly,’ Ilter said.

STAR refinery was inaugurated on October 19, 2018. The groundbreaking ceremony for the refinery built by a consortium incorporating “Técnicas Reunidas” (Spain), “Saipem” (Italy), “GS Engineering & Construction Corp” (South Korea) and “Itochu” (Japan) was held on October 25, 2011. The total investment value of the project amounts to $6.3 bn. STAR has the first investment incentive granted by Turkey.

Report

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