U.S. forecasts rise in oil prices

Azerbaijan, Baku, Jan. 7 / Trend A.Badalova /

The U.S. Energy Information Administration (EIA) predicts rise in world oil prices at $100 per barrel in the long term prospective.

Based on EIA Annual Energy Review, crude oil prices will rise as recovery in the world economy and rapid growth in the world demand compared to the supply of non-OPEC countries.

EIA suggests that in 2035 the average price of oil will hit $133 per barrel.

This week, world oil prices on world markets almost reached its maximum for the past 14 months. As a result of trades on Tuesday Jan.5,  price for February's futures for North Sea oil brand Brent rose by $0.47 to $80.59 per barrel at the London Stock Exchange. Price for February's futures on the U.S. crude oil WTI rose by $0.26 to $81.77 per barrel at the New York Mercantile Exchange.

Based on the Annual Energy Review, in 2008-2035 the annual growth of liquid hydrocarbons production in the traditional manner by non-OPEC countries will be constrained due to limited energy access, while OPEC's share in world production for this period would remain unchanged - 41 percent.

However, EIA forecasts suggest significant long-term capacity for supply of non-OPEC countries. Several resource-rich regions, including Brazil, Russia and Kazakhstan, and particularly, high oil prices, infrastructure and future investments in the development and drilling will help further growth of oil production of non-OPEC countries, EIA report says.

EIA Short-term projections suggest the average price of U.S. crude oil WTI at $ 82 per barrel in late 2010.

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