OPEC expects USD 70 oil by 2020

USA

VIENNA, December 25, 2015 – OPEC predicts oil to rise to USD 70 per barrel by 2020 from the lowest prices since 2008 due to increased demand and higher exploration costs in its World Outlook report, released on Thursday.

OPEC has been allowing prices to fall by keeping production high despite the supply glut, with the hopes that US shale players will back out due to high costs of production.

The OPEC meeting on December 4 in Vienna saw the cartel’s leaders keep record production levels of 31.6 million barrels of oil per day unchanged.

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