According to Arabian Oil and Gas, a leading South Korean economic think tank of the LG Group predicted earlier this week that crude oil prices may surpass the US$100 a barrel threshold in three years. Their basis: the fact that the development of new oil fields has dipped substantially, due to the global financial crisis, which will eventually lead to a serious shortage.
But why not sooner?
"The effect of reduced investment will emerge in 2012 when non-OPEC countries will not be able to provide sufficient enough oil to the global market, adding that OPEC is expected to take a decision to strategically control oil production, thereby making its presence increasingly felt."
Do you agree with this assessment as oil hovers around $66 a barrel and is trying to get passed the $70 mark once more this summer?
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