Major oil players across the world are confident the industry will survive the current turbulent period it is going through.

The development follows the oversupply of the commodity on the world market which is expected to get worse in the coming months as Iran floods more oil on the market after sanctions on it were raised this year, 2016.Price of oil on the world market is currently below 30 dollars a barrel.

The figure is expected to hurt the finances of many countries that rely on it for revenue including Ghana, as higher projections of its price were made earlier.

Speaking to Citi Business News senior international development executive  at Scottish development international Andrew Monaghan said oil prices may pick up by next year.

‘“If you ask such people when oil prices will revert to normal status, you will be surprised at the answer. In my personal opinion, 40 dollars a barrel is a completely an artificial price, there is no way a barrel will cost that because it costs a lot to produce to sell at that price.

I think it is a matter of time before the oil price rebounds back to a sensible level , some people are predicting a year others two years, I am optimistic therefore I will suggest that one year from now, we will be looking at 50 or 60 dollars a barrel’.

He was speaking to Citi Business News at a networking event for Scottish oil and gas companies at the British High Commission’s residence.

The  event was geared towards persuading Scottish oil and gas companies to invest in Ghana and do business here.

Source: http://business.citifmonline.com/2016/01/25/oil-companies-positive-despite-current-challenges/#sthash.zrqsS4M5.dpuf