Global oil prices may range within $50-$75 per barrel until 2025, according to the draft General Scheme for the Development of Oil Industry of the Russian Energy Ministry, Report informs.
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According to the baseline scenario, in the second half of the 2020s, prices will be within $50-$60 per barrel, and won’t drop significantly below $50 per barrel.
“Keeping prices at $50-$60 per barrel and above (if the regulation of production under the OPEC+ agreement is maintained) will be set by a low level of investment in production assets in 2020-2022,” the document says.
As expected in the baseline scenario of the general scheme, the price of Brent oil will average $70 per barrel by 2030, $73 per barrel by 2035, and $71 per barrel by 2040. In 2020, the price of Brent averaged about $42 per barrel for the year, and the price of Urals – about $41 per barrel.