$9-a-Barrel Oil Forecast
From Reuters
CALGARY, Alberta —
The Canadian Energy Research Institute said world oil prices could fall below $9 (U.S.) a barrel in the early 1990s if the Organization of Petroleum Exporting Countries collapses.
The institute, sponsored by both government and private industry, predicted that prices would then rebound to $12 a barrel in 1993 and above $16 by the year 2000.
The provision for the OPEC collapse was one of seven scenarios the institute presented in a study. Even in its best case scenario--with OPEC members abiding by reasonable production quotas--the study said oil prices would be unlikely to reach $27 by 2000.
