EnviroGold Global Ltd (ESGLF)

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Dr Mamdouh G Salameh /International Oil Economist

Mamdouh G Salameh on January 12 2018 said: The recent surge in oil prices since early December 2017 has put a price floor of $60 a barrel under the oil price. 2018 will see a price floor of $70/barrel. While many analysts attribute the oil price surge to geopolitical developments, the truth is that oil market fundamentals are positive enough to support an oil price ranging from $70-$80/barrel on their own. That is why the oil price is heading towards $70 and beyond in 2018 and $100 or higher by 2020. A fair price is $100-$130/barrel. Such a price enables oil producers to invest in oil exploration and capacity expansion so as to be able to meet rising global oil demand in coming years, enhances global investments and gives incentives to the global oil industry to invest in new projects. In so doing, they stimulate growth in the global economy. Dr Mamdouh G Salameh International Oil Economist Visiting Professor of Energy Economics at ESCP Europe Business School, London