Oil to reach $100 a barrel ‘next year’

OIL is set to reach $100 a barrel by the end of next year, with production set to peak as early as 2015, a conference on the subject was told yesterday.

Chief economist at CIBC World Markets Jeff Rubin made the comments at the Association for the Study of Peak Oil and Gas conference in Cork yesterday, where world renowned experts in oil supply and demand met to discuss the future of the commodity.

Mr Rubin predicts that the price of oil will rocket in the next 12 months as consumption increases and supply diminishes.