• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 4 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 6 hours Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 8 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 8 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 2 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
Sweden And Finland Have Formally Applied To Join NATO

Sweden And Finland Have Formally Applied To Join NATO

Sweden and Finland have formally…

Lukoil: Here's How Oil Could Hit $380 Per Barrel In 2050

Oil prices are set to exceed $100 per barrel in all three scenarios for global energy developments through 2050, with inflation and carbon prices potentially sending oil to $380 a barrel in 2050, Russia’s oil producer Lukoil said in its long-term energy outlook on Friday.

The “Transformation” scenario of Russia’s second-largest producer behind Rosfnet assumes an aggressive phase-out of oil and gas and the most efficient and rapid development of renewable energy and electric transport. In this scenario, the world’s focus is on climate goals, leading economies reaching carbon neutrality by 2050, and the global energy and industry undergoing a radical transformation.

“Inflation may reduce the accessibility of energy for consumers” in 2050, Lukoil said, noting that in the Transformation scenario, oil could hit $380 a barrel in 2050, with inflation representing the largest increase in oil prices, followed by some $70 additional price per barrel because of carbon prices.

The other two scenarios Lukoil discusses in its ‘Global Energy Perspectives to 2050’ report are the Evolution scenario with the current international energy policy and national programs, considering existing technological capabilities, and the Equilibrium scenario assuming a balance between achieving climate goals and economic development.

Even in the least climate-aggressive scenario, Evolution, oil prices will exceed $100 in 2050, at $128 per barrel, according to Lukoil’s projections. In the Equilibrium scenario, the price of oil in 2050 is expected at nearly $200—at $197 per barrel, with inflation accounting for most of the higher price.

Underinvestment can lead to a steady shortage of supply in the market and an increase in price volatility, Lukoil said.

“It is obvious that the forecasts made at the beginning of the pandemic emphasizing that the world had already passed the peak of oil consumption in 2019, proved to be wrong. On the contrary, we risk to face a global energy shortage due to years of underinvestment in the industry because of price shocks and ambition to stop using fossil fuels as soon as possible,” Lukoil’s president and CEO Vagit Alekperov said in the introduction to the report.

Alekperov is the latest oil industry executive warning of increased volatility and higher oil prices due to insufficient investment in new supply to offset declining output from maturing oilfields. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Shawn Dalton on December 21 2021 said:
    Oil at $380 by 2050 seems about right given the government deficits we now see. I can't imagine a US deficit that is $100 trillion in 2050 would limit Oil from rises quite a bit.
  • Mamdouh Salameh on December 18 2021 said:
    Given the world’s population growth and the growth in the global economy and in the absence of an alternative to oil as versatile and practicable as oil itself, all of these suggested scenarios by Lukoil, namely the transformation, evolution and the equilibrium scenarios will still see oil as the driving force behind the global economy throughout the 21st century and probably far beyond with rising crude prices to match.

    Moreover, three regions of the world, namely the Arab Gulf region, Venezuela’s Orinoco Belt and Russia’s Arctic will be supplying the overwhelming majority of oil barrels.

    This will be the reality in the global oil market by 2050 and far beyond.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News