Number of geopolitical activities could make oil prices rise soon

Asked if the oil prices will start to climb soon, Worthington said, "Eventually, yes... It could be very soon."

"There are a lot of geopolitical activities that could interfere with the markets. You could have instability in any number of countries that would reduce their production," he explained.

Many oil-producing countries are going through turmoil with Syria and Iraq being hit the most by the advance of the Daesh.

"I can say that if you look back over history we have seen a constant cycle of both oil and gas prices on a rollercoaster," Worthington added.

At present, a number of countries are negotiating an oil production freeze in a bid to stop the fall in oil prices. On February 16, Russia, Saudi Arabia, Qatar and Venezuela held talks on the current oil market situation in the Qatari capital of Doha. They agreed to proceed with an output freezing initiative if other countries followed suit.

The opening of Iran's oil market for exports can become a stumbling block in the currently negotiated freeze of world oil production, United States Energy Association (USEA) Executive said.

Russia, Venezuela and a number of OPEC countries are negotiating an oil production freeze at the January 2016 level in a bid to stop the fall of oil prices.

"Efforts like this have not always worked in the past. I think one of the larger issues right now is that the potential agreement has no influence on the lifting of sanctions [against Iran]," Worthington said on Thursday.

The US federal agency can postpone new oil and gas drilling in the Gulf of Mexico if leasing bid are inadequate, Barry Worthington told Sputnik.

Earlier in February, the Bureau of Ocean Energy Management (BOEM) announced that the US administration intends to offer about 45 million acres in the Gulf of Mexico for oil and gas development during two lease sales in March.

"I would think there would be less enthusiasm today than what it would have been two years ago," Worthington said. "With prices the way they are right now, a lot of companies are not looking to expand investments, and it's probably a bad time to be doing the leasing."

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