Low oil prices to remain, say experts

Dateline 2020-03-12, FMT:

 An analyst has warned that oil prices are expected to remain low in the wake of reports that oil markets have suffered their worst drop since the Gulf War.

However, Renato Lima De Olivera, a senior fellow at the Institute for Democracy and Economic Affairs, said this would also present a silver lining for several sectors.

He said the world would likely see low prices in the near future and that it might take some time for supply and demand to adjust again.

This is unless Russia and other Opec countries coordinate to reduce production, which would allow prices to recover.

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