"One who could forecast the price of oil today would certainly become the richest man in the world. Because neither most qualified experts nor heads of big companies - my counterparts - can do this. Yet half a year ago, I was given some forecasts concerning prices. But everything is different today,"  Vagit Alakparov, president of LUKoil company, told a news conference today.

"It should be understood that the period of cheap oil ended. There will be not be cheap oil any more. Because demand for oil is increasing. Due to lack of available resources, today the oil companies having technology, financial and staff potential are impelled to invest colossal monies into compound fields, especially development of shelf in depth of more than 2,000m. Arabian countries and OPEC also commenced maximum production. Onward increase of production without colossal investments is not predicted. Therefore, cheap oil will not be in presence.

Alakparov refused to forecast oil prices for the near future. /ANS PRESS/

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