IEA report sees oil price at US$100 in 2020
Posted: 10 November 2009 1839 hrs

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PARIS: The International Energy Agency (IEA) forecast on Tuesday that the oil price, excluding inflation, would be US$100 a barrel in 2020 and US$115 in 2030, saying oil demand would rise by one per cent per year.

Global demand would rise from 85 million barrels per day (mbd) in 2008 to 105 mbd in 2030, assuming that forthcoming negotiations on global warming in Copenhagen did not result in immediate big changes in energy policies, the IEA said.

The average oil price this year would be about US$60 per barrel against a background of weak economic activity.

The price would then rise with economic recovery to US$115 a barrel in 20 years' time in constant dollar valuations, after stripping out the effect of inflation, the IEA said.

- AFP/sc