By: Ramy Sameeh

Abu Dhabi-Mubasher: Oil prices are expected to witness a self-correction within 2-3 years, according to Fereidun Fesharaki, founder and chairman of FACTS Global Energy Group.

“Oil prices will rise to $60-80 per barrel and this is inevitable,” he added on the sidelines of an event on oil and gas in Abu Dhabi.

Brent crude rose 4.5% to $45.11 last week, while the US crude grew 8.4% to $43.73.

Global oil supplies will decline to around 1 million barrels per day at least in 2016, Fesharaki noted.

Oil markets will start to rebalance itself by the third quarter of 2016, OPEC Secretary-General Abdullah al-Badri said at the 11th International Oil Summit held last Thursday in Abu Dhabi.