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Crude price may drop to $50 by 2035: PwC
- Middle East: Sunday, February 17 - 2013 at 04:57
UK-based PricewaterhouseCoopers (PwC) has shale oil production could add $2.7trn to the global economy annually by 2035, by cutting the price of crude by up to 40% to $50 a barrel, Reuters has reported. Shale oil production could surge to 14 million barrels per day, or as much as 12% of total oil output from around 1% now, as it expands from its US base over the next two decades, PwC said. If OPEC cuts production in response to the extra supply, oil prices will fall to around $100 per barrel in today's money by 2035, but if the organisation does not cut output, oil could fall to around $83 per barrel in today's money by 2035, or $50 less than the US Energy Information Administration's (EIA) 2035 real-terms forecast price of $133, PwC estimated.
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