He said falling oil prices in the second half of 2014 will hardly continue in 2015, predicting 2015 will be a different year for oil consumers and producers.
Teaching as a professor at Alameh Tabatabaei University, Barkeshly pointed out the U.S Congress elections, which took place last November, and said: "An overwhelming majority of Republicans in the Congress will pave the way for complete support of shale oil, because shale oil production is considered as a red line for the party."
He noted that close relations between Republicans and oil industry will persuade them to cope with any threat against declining shale oil.
Elsewhere in his remarks, he said oil prices between 50 to 60 dollars does not pose any threat against shale oil stating oil prices will not drop any lower than 50 dollars in 2015.
In my view, oil reserves in the Middle East have entered their second half of lifespan needing reconstruction and gas injection and that is another reason why oil prices below 50 dollars won’t be viable, Barkashly told Shana.
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