Some optimistic experts insist that oil prices may jump to $380 per barrel given global energy development ahead of 2050. Group General Manager for National Petroleum Investment Management Services, Bala Wunti, had earlier noted that the effect of investment decisions being made now would be felt in about five years. Under this scenario oil price was expected at $197 per barrel, with inflation accounting for most of the higher price. According to the report, in the worst case, oil prices would exceed $100 in 2050, hovering at $128 per barrel. “It is obvious that the forecasts made at the beginning of the pandemic emphasizing that the world had already passed the peak of oil consumption in 2019, proved to be wrong.

Source: The Guardian December 22, 2021 03:35 UTC