Speaking to Shana, he noted that oil markets look like emotional and experience has shown that the prices go up very quickly and dive as swift as they skyrocket.
Referring to rising oil prices in 2005 and subsequent years, he said: In 2005, oil prices rose from 27 dollars to 80 and next to 140 dollars."
The senior energy expert said oil prices fall as quickly as they soar but when they fall, we often call it “collapse” something similar to what happened over the past month and prices collapsed by more than 15 dollars per barrel.
Political decisions could influence oil markets and will continued to do so in the future, he said, adding this impact has been intensified in recent years, even though some experts deny it.
While many experts say that OPEC decided to maintain output in order to defend market share and push shale oil out of the market, I disagree with this view. I believe that decision was made by Saudi Arabia to hurt Iran’s economy, he noted.
He also predicted oil prices will swing between 50 to 60 dollars in 2015, adding “as I said it is difficult to predict the future of oil market”.
Even though oil prices may fall below 50 dollars, it will be short-lived and oil prices will rebound above that level, according to Hosaini.
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