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The price of crude oil will remain flat in the coming two years, according to IHS Makrit.
Speaking at the India Energy Forum by CERAWeek, Vice-President, Oil Markets, Ravi Narayanaswamy, said, “The price of crude oil in 2019 is going to be close to 2018 levels.”
“We do not expect crude oil to hit $100 a barrel,” he added.
But Narayanaswamy expects a crude price recovery from 2020 onwards. He said, “At current dollar valuations, we expect crude oil price to hit $80 a barrel by 2020 - 2021.”
He also said that the demand for fuel in 2030 will be lower by one million barrels a day from earlier projections due to the growth in electric vehicle sales.
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