The International Energy Agency (IEA) forecasts oil prices to US$25 / barrel … read on:
- IF the world reaches net zero emissions mid-century targets in a way that limits global warming
- AND its by 2050
I don’t think oil markets, when they open, will be bothered paying too much attention to this. So, if you hear screams of $25!!!! its probably from folks looking to cover shorts. Not that there is anything wrong with that.
IEA’s main scenario forecasts clean energy meeting “virtually all” growth in energy demand between 2023 and 2035, leading to a peak in demand for all three fossil fuels before 2030:
- oil about $79 per barrel in 2030