Aktual mövzular: Dollar alış-satışı , Barselona - Real, Hava haqqında, Məzənnə, Neftin qiyməti

OPEC expects oil prices to go up to $70/bbl mid-term

OPEC expects oil prices to go up to $70/bbl mid-term

OPEC reaches a deal to cut production (02 December 2016 17:46)
Oil prices keep a grip on rally after OPEC deal; Brent atop $52 a barrel (01 December 2016 18:46)
Azerbaijani Energy Minister to attend OPEC conference (24 November 2016 20:46)

Date: 23 December 2015 14:07

Baku, Azerbaijan, Dec. 23

By Aygun Badalova - Trend:

Growing demand and slower than previously expected non-OPEC supply growth will eliminate the existing oversupply and lead to a more balanced market, which, in turn, will provide support to oil prices, OPEC said in its World Oil Outlook (WOO), published on December 23.

OPEC forecasts oil prices to reach $70 a barrel by 2020.

In the Outlook OPEC Reference Basket (ORB) is assumed to average $55 a barrel during 2015 and to resume an upward trend in both the medium - and long-term. ORB is expected to reach $80 a barrel by 2020.

The price of the ORB in real terms is assumed to rise from more than $70 a barrel in 2020 to $95 a barrel in 2040.

While the average price of the OPEC Reference Basket during the first half of 2014 was over $100 a barrel, it dropped to less than $60 a barrel in December 2014 and has averaged close to $53 a barrel in the first nine months of 2015.

Global oil prices plunged from about $108 in the first half of 2014 to below $40 currently due to glut in markets.

OPEC members failed to reach an agreement on production ceiling on Dec. 4.

Follow us on Twitter @TRENDNewsAgency


Tags:  OPEC expects oil prices to go up to 70bbl mid-term


RƏYLƏR


Top news