Global oil prices forecast until 2040 revealed

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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.

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.


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