He estimates production will fall by five million barrels per day, or five percent of pre-crisis levels. That will require the investment of an additional $625 billion by 2030 for production and demand to reach a balance. As a result, oil prices will rise and will reach $100 per barrel over the course of the next two years, Malek said.
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CBC News reported that Goldman Sachs has downgraded its oil price forecast, expecting the price to average $45 per barrel, but said the price of crude oil could fall to $20 per barrel.
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Sep 15, 2020 · Forecast of Crude Oil Price (WTI) Below is a forecast of light, sweet crude oil prices that is based on prior values of both WTI and Brent crude oil prices, global oil production and consumption, crude oil inventories, currency exchange rates, and other commodity prices.
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S&P Ratings slashed its forecast for oil prices by $10 a barrel, citing severe supply-demand imbalance due to the coronavirus outbreak. The ratings agency lowered its 2020 assumptions for crude ...
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And given what BP announced in mid-June, there is little reason to be optimistic with the long-term oil prices forecast. The energy giant announced that it has reduced its predictions for Brent crude for the next 30 years. It also said it expects average prices of about $55 a barrel between now and 2050.
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Total OECD oil stocks stood 42.4 mb below the five-year average and, due to the weak outlook, now provide 79.2 days of forward demand coverage. In March, floating storage of crude oil increased by 22.9 mb (0.7 mb/d) to 103.1 mb. Twin demand and supply shocks caused oil futures prices to fall by 40% in March.