Oil prices likely to stay low for 3-5 yrs: Mukesh AmbaniBillionaire Mukesh Ambani, owner of the world's largest refining complex, on Sunday said global oil prices are likely to remain low for 3-5 years, benefiting a net importing nation like India.
"As we see the situation (oil prices), it's low for long. And this is really the first time in the world that oil prices have gone down on incremental supply," he told CNN's Fareed Zakaria in an interview. Ambani, the richest Indian, said there have been spikes in oil prices in past. "But never has it (fallen) because there has been more supply than demand.
It's also the first time that you now have, because of the innovation in the US, large quantities of oil," he said.
The US, he said, has gone from less than a million barrels a day to nine million barrels a day of oil production. "And with the oil supply, OPEC has lost the controlling factor. And with that, there is oversupply in the world," he told Zakaria, the only person to have interviewed Mukesh Ambani twice.
The elder Ambani sibling has a net worth of almost $20 billion, while Reliance Industries has a market capitalization of over $40 billion.
Asked how long the scenario will last, he said: "I think for at least three to five years, until we see a structural change, in my view. But I have always been wrong, so," he said.
http://timesofindia.indiatimes.com/business/india-business/Oil-prices-likely-to-stay-low-for-3-5-yrs-Mukesh-Ambani/articleshow/51084125.cms
