The US government's top energy forecaster on Tuesday said it raised its estimate for world crude prices in 2010 by more than $10 a barrel, roughly 20 percent, to $57.47 a barrel.
Meanwhile, Opec producers are expected to grab a slightly smaller share of the global oil market by the end of the decade than previously forecast as supplies from the Caspian Sea ramp up, the US Energy Information Administration said in its reference case 2007 annual energy outlook.
World crude oil prices are projected to average $57.47 a barrel in 2010 based on 2005 dollars, versus a year-ago estimate of $47.29 a barrel in 2004 dollars, the EIA said.
World crude prices will dip to a $49.87 a barrel in 2015 and then rise steadily to average $59.12 in 2030, the EIA said. That's versus the $56.97 a barrel average for 2030 that the EIA predicted last year.
Opec members will pump 34.72 million bpd in 2010, the EIA said, versus its year-ago projection of 36.67 mln bpd. The EIA shaved Opec's 2010 market share to 38.1 percent versus last year's estimate of 40 percent. Non-Opec producers will pump 56.34 million bpd in 2010, versus year-ago projections of 54.33 mln bpd, the EIA said.
But Opec will regain its losses by 2030 with a 40.6 percent share of the global oil market, which will average 117.33 million barrels per day in 2030, the EIA said.
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