KUWAIT, 24th Dec 2013 /WAM/ -- Price of the crude oil is forecast to fall to USD 80 per barrel in the coming few years, due to forecast growth of non-conventional oil output, according to a Kuwait -based think tank. The Diplomatic Center for Strategic Studies said in a report, released on Tuesday, that it is difficult to make specific anticipations regarding the crude prices due to prevailing variables on the market. On unpredictable factors, it mentioned international and internal conflicts, particularly in oil producing countries, such as Libya , Nigeria and Iraq . Nevertheless, the crude prices will remain, mainly, affected by supply and demand. Future oil prices will be affected with emerging factors, such as cost of supplies of non-conventional crude, namely shale oil. Other major factors are OPEC states' readiness to invest in the oil industries, namely in drilling and exploring as well as the capacity to develop used oil wells, KUNA said citing the oil report. World oil demand, which amounted, in 2013, to approximately 5?89 million barrels per day, would reach some 5?94 million bpd in 2018. Industrial nations' demand, which stood at 5?45 million bpd in 2013, would drop to 5?44 million pbd in 2018. The report said the oil demand by China and India would continue to grow, by three million bpd, some 60 percent of the global oil demand growth. It mentioned other factors that will influence the prices in the foreseeable future, namely world economy growth, re-stressing that extraction of non-conventional oil is forecast to be a key influencing factor in this respect. Shale oil production in 2035 is forecast to hover at 10-14 million bpd, some 12 percent of the world crude output, and when this happens, the prices will be in the range of USD 80-100 pb.
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