The International Energy Agency (IEA) said on Wednesday that if the investment in oil-producing countries in North Africa and the Middle East does not keep up with the growth in oil demand in emerging countries, oil prices may hit $150 per barrel in the short term.
According to IEA's forecast, the global demand for crude oil will increase from 87 million barrels per day in 2010 to 99.000 million barrels per day in 2035, and the increase in demand will mainly come from the transportation industry in emerging economies.
The IEA pointed out that due to the global economic slowdown and Libya’s resumption of crude oil supply, crude oil supply pressure has been reduced in the short term, but looking ahead, crude oil prices will remain high and fluctuate, reaching US$120/bbl in 2035. Between 2011 and 2015, if the investment in oil-producing countries in the Middle East and North Africa is less than US$66 billion per year, crude oil prices may hit USD 150/barrel in the near future.
According to IEA's forecast, the global demand for crude oil will increase from 87 million barrels per day in 2010 to 99.000 million barrels per day in 2035, and the increase in demand will mainly come from the transportation industry in emerging economies.
The IEA pointed out that due to the global economic slowdown and Libya’s resumption of crude oil supply, crude oil supply pressure has been reduced in the short term, but looking ahead, crude oil prices will remain high and fluctuate, reaching US$120/bbl in 2035. Between 2011 and 2015, if the investment in oil-producing countries in the Middle East and North Africa is less than US$66 billion per year, crude oil prices may hit USD 150/barrel in the near future.
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