EIA: Here's What Oil Prices Will Do For The Next 30 Years

The Energy Information Administration (run by the Energy department) just released its initial Annual Energy Outlook for 2013.

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The big news: the agency sees Brent spot prices declining to $96 into 2015 — but then exploding to $163 in 2040.

Here’s the chart:

aeo 2013 energy

Photo: EIA

And here are their assumptions:

  • Average economic growth of 1.8 per cent per year for major U.S. trading partners
  • Average annual economic growth in other U.S. trading partners of 4.0 per cent
  • Declining liquid fuels consumption per unit of GDP
  • The OPEC market share of total liquid fuels production remains at approximately 40 to 45 per cent over the projection period
  • Production from non-OPEC countries increases to levels above those in last year’s annual energy outlook

SEE MORE: Take A Tour Of The Most Profitable Oil Play In The World >

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