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IEA says oil will rise to $247 per barrel by 2035 [Registered]

The International Energy Agency (IEA) expects nominal crude oil prices to reach $247 a barrel by 2035, almost twice the $133 assumed by the Organization of Petroleum Exporting Countries (OPEC), Bloomberg reports. This transpired during a meeting on 24 January in Riyadh where several experts from IEA, International Energy Forum (IEF) and OPEC reviewed uncertainties affecting the short, medium and long-term markets of oil. The IEA, which represents 28 oil-consuming nations, made its assumptions on increasing marginal costs as more supply is needed to balance higher demand. OPEC, supplier of 40 percent of the world’s oil, said in the joint…

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