Press Esc to close

WorldOil

World Oil News Center



Analysts predict that oil prices in 2011 will be second-highest ever

Oil demand increasing twice as fast as supply may result in the second-highest price on record in 2011, some industry forecasters predict.
Sanford C. Bernstein & Co. said that crude will average $90/bbl this year. Natixis Bleichroeder Inc.expects $100/bbl, a 26% increase over 2010. Global oil consumption will increase 1.7% to a record 87.8 million bpd in 2011 while output will rise only 0.9%, according to the US Energy Department. According to the median estimate in Bloomberg surveys of economists, economic growth in China, while moderating, will still increase by 9%, three times the US growth rate and six times Europe’s. Crude futures on the NYMEX will average $87 in 2011, based on the median of 34 analyst estimates, which would be the highest since the record $99.75 reached in 2008 and 40% more than 2009.

01/03/2011

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS