In the long run world oil prices will be $16-18/barrel - FT

/IRBIS, Feb.15, 00/ - PRIME-TASS informs, with the reference to analysts of Exxon Mobil, that in the long run world oil prices will be $16-18/barrel. The head of the company Lee Raymond believes price of oil will not exceed $40/barrel and current high prices will not last long if the exploration and extraction expenses continue to fall due to technical progress. He also believes no supply irregularities will take place. However, he said current situation was having a negative impact on profitability of oil processing, which in turn, reduces the production. Reduction of petroleum products reserves and stabilization of oil prices are needed, he said.