Oil likely to stay around $60 for next decade

Oil prices are likely to remain priced around $60 per barrel for the best part of the next decade before increased use of renewable energies starts pushing prices down consistently, a leading UK economic think-tank has said.

“A year ago we made an aggressive forecast for oil prices that had them falling to $40 by 2032. In retrospect, that was probably too aggressive and it now seems likely that growth of demand in non-OECD countries will be more robust than had been assumed when we made the forecast,” the London-based Centre for Economics and Business Research said in a study on the effects on oil prices of an Opec without long-standing member Qatar, but in closer co-operation with Russia.