(ET)
US officials expect their crude exports to keep global oil prices low and stable in the future and benefit consumers, including India, which is set to receive its first shipment from the US on Monday.
“Over the long term, it’s hard to see crude prices going up significantly. There might be natural disasters, there might be political instability that could cause short-term fluctuations and jumps, but my perspective is that the cost of oil and gas will stay relatively low,” a US government official told reporters on Friday.
With the US emerging as an exporter of crude oil, producers in the Middle East will have to maintain a competitive pricing strategy, the official said, asking not to be identified. Brent crude, the benchmark for more than half the world’s oil, traded at $57.62 a barrel in London on Friday.
