World Oil News Center | http://www.worldoil.com/OECD_
OECD says oil prices could reach $150-$270/bbl by 2020
LONDON -- Oil prices could rise to anywhere between $150 and $270/bbl by 2020 as demand growth in emerging markets like India and China out paces expected supply, the OECD said Wednesday."I think people have been calmer about oil prices given the new supply, but if you really look at the implications of rising demand, you see this isn't true," said Isabelle Koske, economist at the Organization for Economic Co-Operation and Development and one author of a report on oil prices published Wednesday.
"There is a strong price increase needed despite this new oil production coming on stream," Ms. Koske told Dow Jones Newswires.
The report shows the central role that Asian oil demand will play in determining prices, even as the U.S. reduces its need for energy imports amid a surge in its unconventional hydrocarbons production. Earlier this week, the U.S. Department of Energy reported China overtook the U.S. as the world's largest net oil importer.
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