Lukoil predicts oil prices hit $380 per barrel by 2050

The Future Cost of Oil in Three Scenarios

Could world oil prices hit $380 per barrel in 2050?

It’s possible, according to one scenario published in Lukoil’s recent Global Energy Perspectives to 2050 report. The report considered three scenarios for the global energy sector – Evolution, Equilibrium and Transformation.

Taking into account a carbon price, oil prices will vary greatly depending the scenario, the report outlined. High carbon prices and inflation were projected to lead to $380 per barrel oil prices in the Transformation scenario, with much more modest prices in the Equilibrium and Evolution scenarios forecasted to come in at $197 per barrel and $128 per barrel, respectively.

This information was originally published on Rigzone. Read the full article here.

Future of Oil Isn’t Set in Stone

Each scenario differs greatly based on a variety of factors: 

The Evolution scenario assumes the ongoing development of global energy markets within the framework of the current international energy policy and national programs, considering existing technological capabilities.

The Equilibrium scenario is said to be based on a balance between achieving climate goals and economic development.

The Transformation scenario is said to assume a radical restructuring of global energy and industry as well as carbon neutrality of the leading economies by 2050.

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