Oil prices will gradually rise to around $80/bbl by 2020: IEA
by ChemOrbis Editorial Team - content@chemorbis.com
In a monthly report released on November 10, the International Energy Agency (IEA) stated that crude oil prices will hover close to $50/ barrel until the end of this decade, before rising gradually to around $80/barrel by 2020.
According to the IEA, oil demand will increase to around 900,000 barrels per day (bpd) by 2020 and to 103.5 million bpd by 2040.The top crude oil consumer will be India with 10 million bpd by 2040 while total energy consumption in China will be two times that of the US. Supply from the Middle East is expected to account for more than two thirds of total supply as long crude oil prices continue to stand at around $50/bbl.
The IEA also reported that they expect oil investments to decline more than 20% this year especially in high-cost regions like the US and Brazil and they will also continue to decline next year to post the first consecutive yearly drop in the least 25 years.
According to the IEA, oil demand will increase to around 900,000 barrels per day (bpd) by 2020 and to 103.5 million bpd by 2040.The top crude oil consumer will be India with 10 million bpd by 2040 while total energy consumption in China will be two times that of the US. Supply from the Middle East is expected to account for more than two thirds of total supply as long crude oil prices continue to stand at around $50/bbl.
The IEA also reported that they expect oil investments to decline more than 20% this year especially in high-cost regions like the US and Brazil and they will also continue to decline next year to post the first consecutive yearly drop in the least 25 years.
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