Oil price to rebound to $100 a barrel in 2020 - minister

Oil price to rebound to $100 a barrel in 2020 - minister
  • Clock-gray 07:42
  • calendar-gray 24 November 2016

Baku. Agshin Rafigoglu – APA-Economics. According to the forecasts, the oil price will start to rise as the global oil demand will regularly increase since next year, Azerbaijani Energy Minister Natig Aliyev said in his article published on Respublika newspaper.

 

He said the demand in 2017 is expected to make up 95,300,000 bpd: “According to the forecasts, the oil price will rebound to $100 in 2020”.

 

“Increase of population will raise oil demand to the highest level in 2035-2040. Increase of the world population 30% by 2040 will lead to 140% growth in GDP. According to calculations of Brookings Institution, 2.8 billion people will raise to the level of middle class in 2010-2030 and almost, all of them will live in the developed countries. China, India and main developed countries make up 80% of increase of middle class. At the same time, it’s supposed that global demand for energy carriers will mainly increase in the developing countries. Because these countries’ energy consumption will rise to 70%. Half of global demand for energy carriers is expected to fall to share of China and India”, he said.   

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