OPEC predicts slow growth in oil prices until 2040

Almaty. December 23. Silkroadnews - The Organization of Petroleum Exporting Countries predicted rise in energy prices in the near future, reports the BBC.
"The demand for oil in 2016 will begin to grow and by 2040 will increase by about 20%, according to OPEC", - says the publication.
The upward trend in demand, according to the OPEC forecasts, will continue in any dynamics of the world economy until 2040. OPEC now estimates world oil demand at 92.8 million barrels per day. According to the optimistic scenario by 2040 it will grow to 114.6 million barrels per day, and the price of the OPEC basket oil will rise to $160 per barrel, according to the publication.
The rate of increase in oil prices will slow. On average, according to the cartel, the price of oil produced by 13 OPEC countries would rise by about five dollars per year. By 2020, it should reach $80.
OPEC basket includes 12 varieties of Middle Eastern, African and Latin American oil. Prices for Russian oil in the forecast are not mentioned.
On December 21, the price of Brent crude oil fell below $36.2 per barrel - this is the lowest since July 2004.
The main reason for the fall - excess of oil supply in the market.
Oil reserves in the US, according to statistics published last week, were at the highest level since 1930. In addition, on Friday the United States lifted a ban on the export of oil, which operated for 40 years.