(MENAFN - Qatar News Agency) The Price of crude oil is forecast to fall to 80 per barrel in the coming few years, due to anticipated 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, the report said
World oil demand, which amounted, in 2013, to approximately 89.5 million barrels per day, would reach some 94.5 million bpd in 2018.