No $100 per Barrel Oil for a Decade

In an OPEC report in early May, that the Wall Street Journal had access to, OPEC says that the price of oil is unlikely to reach $100 per barrel in the next 10 years. "The report predicts that oil prices will be about $76 a barrel in 2025 in its most optimistic scenario, a reflection of OPEC worries that American competitors will be able to cope with low prices and keep pumping out supplies. It also contemplates situations where crude oil costs below $40 a barrel in 2025." This follows the admission last week by the Saudi Arabian oil minister that OPEC has lost control over oil prices.