The world may have low oil prices through the end of the decade, according to a new OPEC report, says oilprice.com:
"OPEC warned in newly released report that oil prices might not rise above $60 per barrel until the end of the decade, in an acknowledgement that an array of bearish forces will conspire to keep a lid on any price rally.
"OPEC’s new World Oil Outlook (WOO) offers medium and long-term predictions for the oil market. OPEC’s Reference Basket (ORB) price will average $40 per barrel this year, and the group projects that the price will rise by $5 per barrel each year through the rest of the decade. That only takes ORB prices up to $60 per barrel in 2020.
"That is a remarkable prediction from a group of oil-exporting countries, often known for a much more bullish outlook for oil."
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