Oil to Reach $108 a Barrel by 2020, DOE Predicts
Rising demand will push oil prices past $108 per barrel by 2020, the Department of Energy said Tuesday.
The economic rebound will push demand, which will continue to climb as prices rise to $133 a barrel by 2035, DOE’s Energy Information Administration said in its yearly International Energy Outlook.
The report predicts a slower economic rebound than last year’s outlook, which estimated $110 a barrel in 2015, Bloomberg reported.
In presenting the report, officials stressed that many other scenarios are possible. In alternative scenarios, oil could cost as little as $51 or as much as $210 per barrel by 2035.
EIA said that oil consumption will grow 7% from its 2007 level to 92.1 million barrels a day by 2020.
