Brent crude oil is projected to hit a value of $185 per barrel in 2050, in 2018 dollars, in the high oil price case of the U.S. Energy Information Administration’s (EIA) latest International Energy Outlook report.
The report also offers a low oil price case, which places oil at $45 per barrel, in 2018 dollars, in 2050 and a reference case, which has oil at $100 per barrel, in 2018 dollars, in 2050.
The reference case reflects current trends and relationships among supply, demand and prices in the future and includes some anticipated changes over time, the report highlights. The high and low oil price cases address the uncertainty associated with world energy prices, the report notes.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.