Mubasher: Global oil prices to remain below $100 per barrel until 2020, said The Organization of Arab Petroleum Exporting Countries (OAPEC).
It added that the markets are still pressured by continued worries about the development of factors impacting supply and demand, which led to a steep decline in oil prices since June 2014.
Such factors include the assumptions about the return of Iranian and Libyan oil to the markets as well as the readiness of major non-OPEC producers for cooperation with the cartel's member states, the organization said.
It indicated that oil revenues of OPEC members were significantly impacted by falling prices as preliminary estimates show that the total annual returns of OPEC members from crude oil exports declined by 18.8% or nearly $132 billion in 2014 to reach $571 billion.
