Oil to peak around $120/barrel mid-2011: CGES

摘要

Global oil prices are likely to peak at around $120/ barrel in mid-2011, but the pace of any retracement depends on how OPEC responds to key market supply and demand fundamentals, Leo Drollas, chief economist at the Center for Global Energy Studies, predicted in May. Under a base-case scenario, Brent oil prices could begin to trend below levels of around $110/b in early 2012, ending the year at around $95/b, according to a presentation given to an oil conference in London. The forecast contrasts strongly with a more bullish one made by Goldman Sachs later in May.