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Oil prices will stay below $100 for a decade

oil

The price of crude is unlikely to rise above $76 a barrels by 2025 and could fall to $40 because of the supplies tapped through fracking in the US, according to predictions by Opec. In a document drafted for an Opec staff meeting in Vienna, it is suggested that Opec members might have to take radical actions to avoid further price falls, raising the prospect of a return to production quotas among members. The report recommends allowing the poorest members, such as Venezuela and Algeria, to produce more than other member states. Traders yesterday claimed that oil prices were facing another slump after recovering somewhat to $65 a barrel. Millions of tonnes of crude from western Africa and the North Sea were struggling to find buyers because of poor demand.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

 

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