US Government Report Forecasts Higher Oil Prices
Posted on: Tuesday, 13 December 2005, 09:00 CST
US government report forecasts higher oil prices
WASHINGTON, Dec. 12 (Xinhua) -- US oil prices are projected to remain well above 50 dollars a barrel for the next twenty or more years, according to an analysis report released on Monday by the Energy Department.
The report, issued by the department's Energy Information Administration (EIA), projected that oil prices will average at 54 dollars a barrel in 2025 and 57 dollars a barrel in 2030 before inflation.
The analysis reflected a sharp change from the department's projections a year ago when it predicted oil prices in constant dollars would decline to 31 dollars a barrel by 2025.
Currently, US crude oil prices have been hovering around 60 dollar a barrel and oil prices hit 70 dollars earlier this year.
The US government report said that it added about 21 dollars to the future price of a barrel of crude because it does not expect OPEC oil producers to pump as much as oil as previously projected. Consequently, world oil supplies are presumed to remain tight over the next several decades.
The report also predicted that global oil demand is projected to grow to 111 million barrels a day by 2025 from the current level of about 82 million barrels a day.
Source: Xinhua News Agency - CEIS
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