Svetoslav Benchev, chairman of the Bulgarian Oil and Gas Association (BOGA), expressed cautious optimism about oil prices during a conference marking the organization’s 25th anniversary. Despite concerns over potential escalation of conflict in the Middle East, he believes that prices will remain stable around $75 per barrel, leading to only minor increases at gas stations.
Benchev acknowledged the uncertainty surrounding the impact of regional tensions on oil producers like Iran but emphasized that the struggling global economy could help cushion the effects on the oil market. He noted that significant price hikes are unlikely until after the upcoming US presidential elections, as current measures, including the release of oil from reserves and a recovery in shale production, are in place to prevent sharp increases.
