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  1. Jun 14, 2021 · It will come more quickly and last for a shorter period—as little as 18 months—than earlier booms, according to a new report by Boston Consulting Group (BCG). The report, titled The Last Oil Price Boom May Be in Sight, reveals how a supercycle can support the transition to low-carbon fuels and accelerate movement away from fossil fuels ...

    • The Boom Remains Uncertain
    • The Price Expansion Will Be Relatively Short Lived
    • The Last Oil Boom?
    • Riding The Boom

    Several factors could affect the timing of a boom and either curb or exacerbate future price rises. Lingering lockdown restrictions have kept global demand at close to 7 mmb/d below 2019 levels since October of 2020. Further restrictions, or the appearance of new COVID-19 variants, could immediately halt any upward movement in demand—delaying or ev...

    Uncertainty around how these different forces play out makes it tough to predict when the boom will start or how high prices will go. We will not speculate on potential future price levels. But in terms of timing, an oil price boom based on a fundamental supply-demand imbalance could start as early as the third quarter of 2021 or be delayed until 2...

    Increased oil consumption will inevitably lead to higher emissions. But we see strong reasons why the oil price boom, if it happens, could be the world’s last—a development that would clearly help the effort to combat climate change. More expensive oil will increase the pace of transition away from fossil fuels, especially in countries that need to...

    Savvy producers and oil-dependent energy users will invest the increased revenue they receive from higher oil prices in a range of measures to strengthen their businesses in preparation for a lower-carbon world. It is essential, however, that oil and gas companies maintain their fiscal discipline and avoid reverting to the inefficiencies and wastef...

    • Jamie Webster
  2. Oct 10, 2024 · The production boom will likely last until at least 2026, Goldman Sachs previously estimated, ... who have predicted that oil prices could trade as low as $50 a barrel, a decline of about 37% from ...

  3. Feb 8, 2021 · Oil prices are often seen as a barometer for economic activity, still struggling with the virus downturn. "Black gold" has now reached $60 a barrel having risen more than 50% in the last few months.

    • Justin Harper
  4. The oil price still looks like it’s moving in a range, although it’s close to the lower end of this range right now. The average price of a barrel of Brent crude oil for 2024 so far is above ...

  5. Dec 4, 2023 · In 2020, analysis by the website Carbon Brief showed that BP's own figures indicated global oil demand would not ever regain 2019 levels, following the pandemic slump in 2020, which saw a 9% drop ...

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  7. Feb 16, 2022 · However, it is probably safe to say that there are three key underlying reasons: 1. Booming economic growth driving demand for oil. Two years ago when COVID-19 started, there was a plunge in economic activity and oil demand. Producers were adjusting production levels, but there is only so much one can do without destroying reservoirs or capital.

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