Bloomberg News
Thursday, June 26, 2008
NEW YORK - Oil prices will fall to $70 a barrel by 2015 as new production begins in countries such as Azerbaijan, Canada, Brazil, and Kazakhstan, the US Energy Department said.
The price of oil, which closed at $134.55 a barrel yesterday, will "ease somewhat in the medium term," the department said in its International Energy Outlook 2008. Oil will then rise to $113 a barrel by 2030, as the market remains "relatively tight." In last year's report, the Energy Department projected oil would be above $59 a barrel by 2030.
Prices have almost doubled in the past year, reaching a record $139.89 on June 16, partly on concern that world oil production will fail to keep pace with surging demand in countries such as China and India.
FULL ARTICLE @ Bloomberg News
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