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    OPEC: Oil price will exceed 160 USD per barrel

    By 2040, world oil demand will grow by 20%

    Baku. 23 December. REPORT.AZ/ Nominal OPEC Basket Price will exceed 160 USD per barrel, as world oil demand will grow by 20% by 2040.Report informs citing the Tass it is said in December 23 OPEC world oil forecast to 2040 (World Oil Outlook).

    At the same time, OPEC noted that the price of 160 USD per barrel is not a forecast, but only the assumption that the organization uses for the baseline scenario of the dynamics of supply and demand in the oil market over the long term.

    OPEC basket includes 12 varieties of Middle Eastern, African and Latin American oil.

    The price of a barrel of crude oil for December 20 was 30.74 dollars per barrel.

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