Opec expects oil price at $70 per barrel in 2020 | GulfNews.com:
"It may take many years for oil prices to recover and reach the level of more than $110 per barrel witnessed in June 2014, according to World Oil Outlook Report released by the Organisation of Petroleum Exporting Countries (Opec) released on Wednesday.
Opec expects the price of its basket of crudes to rise to $70 a barrel in 2020 and $95 a barrel in 2040, compared with$30.74 a barrel on Monday.
Oil prices have been falling continuously since last year as supply outstrips demand. From $115 per barrel in June last year, oil prices fell to less than $40 in recent times. Brent, the global benchmark, was trading at $36.63 per barrel on Wednesday at 4:32 UAE time."
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