Crude oil to reach $80/barrel in 2020: OPEC
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, The Organization of Petroleum Exporting Countries (OPEC) expects crude oil prices to gradually rise to $80/barrel by 2020 due to decreasing oil supply outside the organization. According to a report released by OPEC, the average oil price will rise by $5/barrel annually from an average of $55/barrel this year.
NYMEX and Brent futures declined more than 50%, according to data from ChemOrbis Price Wizard, due to OPEC’s strategy of maintaining production to defend its global market share against unconventional oil production from non-OPEC countries such as the US.
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According to the report, crude oil output from nations outside OPEC will average 58.2 million barrels per day in 2017, 1 million bpd lower than the group’s initial forecast. Meanwhile, consumption is projected to grow by 1 million barrels per year to reach 97.4 million barrels per day by 2020.
NYMEX and Brent futures declined more than 50%, according to data from ChemOrbis Price Wizard, due to OPEC’s strategy of maintaining production to defend its global market share against unconventional oil production from non-OPEC countries such as the US.
According to the report, crude oil output from nations outside OPEC will average 58.2 million barrels per day in 2017, 1 million bpd lower than the group’s initial forecast. Meanwhile, consumption is projected to grow by 1 million barrels per year to reach 97.4 million barrels per day by 2020.
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