World crude prices to ease by 2015 - US gov`t
The prices for crude in world markets are expected to ease in
the coming years, the US government predicts.
In its international energy review for 2008, the Department of
Energy said the prices will dwindle to $70 a barrel by 2015. The
decrease will be due to considerable supplies from countries like
Azerbaijan, Canada, Brazil, and Kazakhstan, which are ramping up
production. Nonetheless, oil prices will never go down to record
lows observed in 1980-90s. On the contrary, the prices will again
begin to climb after 2015 and could reach $113 by 2030. The maximum
price level will be $186 a barrel, according to the
projections.
The price hikes are linked to rapidly rising demand for crude
around the world. Oil prices have been steadily rising to hit a
record high of $143 in the past weeks.
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