High Oil Price case: Brent prices can reach $226/bbl by 2040
Baku, Azerbaijan, Jan.6
By Leman Zeynalova – Trend:
The US Energy Information Administration (EIA) expects Brent oil prices to rise to $226 per barrel by 2040.
In real terms, crude oil prices in 2016 (based on the global benchmark North Sea Brent) were at their lowest levels since 2004, according to EIA Annual Energy Outlook 2017.
In the High Oil Price case, the price of Brent crude reaches $226 per barrel by 2040, compared to $109 per barrel in the Reference case and $43 per barrel in the Low Oil Price case, said EIA.
The Reference case projection assumes trend improvement in known technologies, along with a view of economic and demographic trends reflecting the current central views of leading economic forecasters and demographers.
World oil prices started to steadily grow in December after OPEC and non-OPEC countries agreed to reduce their output.
The Brent benchmark rose from around $57 per barrel to over $58 per barrel on Jan.3, reaching the highest level since July 2015.
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