Oil prices to soar next year

Demand for oil is likely to push prices up next year. UAE Minister of Energy His Excellency Suhail Al Mazrouie observed that oil prices will soar as investments in the industry dwindle. OPEC has also raised its forecast for global demand next year and until the end of the decade. The group’s World Oil Outlook, released on Tuesday, says demand will reach 95.3 million barrels a day by 2017, and 98.3 million barrels a day by 2020. Marios Maratheftis, Chief Global Economist at Standard Chartered, agrees.

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