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.

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

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