Crude Oil Forecasts for next one to Five Years

Crude Oil Forecasts for next one to Five Years

The unprecedented rise in crude oil prices have thrown the world economies under pressure and have resulted in burgeoning oil import bills, coupled with rising inflation. The most affected by this are developing countries as the main demand for crude is coming from these countries like China and India. Billionaire investor T. Boone Pickens has predicted that crude oil prices could hit US$150 a barrel in the next six months, while investment firm Goldman Sachs raised its forecast for the average price of crude oil for the second half of 2008 to US$141 a barrel and US$200/bbl for next 2 years. WB says global oil prices which are up around US$40 this year, will remain high in a range between US$104 and US$108 a barrel over the next three to five years.