The U.S Department of Energy has announced that crude oil price will show a continuous rise in the coming years. The source indicated that the U.S Energy Department has predicted that the price of crude oil will be increased significantly and it would reach more than 250 U.S dollars per barrel by the year 2040.
The Russian economic experts said that the American Department of Energy believe that oil would be the major source of fuel over the coming 25 years, despite the advanced development in the alternatives in the energy sectors worldwide. The U.S economic experts had predicted that oil consumption would show a continuous growth in the world and it is expected that crude oil prices would rise twice in the future.
They predicted that if the global economy recovers from the recent crisis then the expected annual growth in the crude oil would reach at 4.5 percent and it will be reached more than 250 U.S dollars per barrel by the year 2040. The American experts said that global oil prices are showing a significant rise in per barrel oil, in spite of current oil price that is blow 50 U.S dollars per barrel. The Iraqi authorities are supposed to resume the negotiations on the freezing levels for oil production. It is important that upcoming meeting of OPEC has been planned on 2nd June 2016 in Vienna regarding the reduction of crude oil production globally. Point to be noted that current daily crude oil production is estimated at 3.8 million barrels, but Iraq is looking to increase its production volume and it is expected that it would reach at more than 5 million barrels per day.