LISTEN: Oil Expert Predicts Price Won't Rise Until 2017
An Aberdeen oil expert says the price of oil will not rise until at least 2017.
The prediction comes after Saudi Arabia's Vice Oil Minister, Prince Abdulaziz Bin Salman Al Saud, said that suggestions that the price of Brent Crude will stay low will "turn out to have been wrong".
Right now the price of Brent Crude is below $50 a barrel - after sitting at $110 a barrel last summer.
The current price is being driven down by overproduction in the Middle East, a stall in the Chinese economy, and the abundance of alternatives such as shale gas.
But speaking at an energy forum meeting in Qatar, Prince Abdulaziz, played down the crisis.
Our reporter Hope Webb sat down with oil expert, Professor Alex Kemp, to discuss his thoughts on the issue.
Listen to that interview here: