Cairo – Mubasher: Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, said that the prices of oil could remain at about $50 per barrel until the end of 2021when a coronavirus (COVID-19) vaccine is available.

Global demand for oil and gas has dropped significantly due to the restrictions imposed to curb the pandemic, El-Molla said during the sixth edition of the Mediterranean Dialogue (MED) titled “Beyond the Shock: Rethinking the Energy Industry after COVID-19”, according to a statement on Tuesday.

Amid the current challenges, international oil companies are re-prioritising their investments to focus on natural gas as a key source for clean energy, El-Molla stressed.