Slide 2 of 28

World oil prices are projected to rise gradually from current levels $22.73 per barrel in constant 1997 dollars. Non-OPEC production gains and improved exploration and drilling technology are keeping costs in check despite rising global demand.

Oil prices have been particularly volatile over the last 2 years -- the low prices in 1998 were the result of abundant supply and weak worldwide demand.

If we convert the reference case projection to current or nominal dollars (See Inset Graph)--the price per barrel rises to $43.30 in 2020.

The AEO includes low and high oil price cases that reflect uncertainties regarding future levels of OPEC production. Prices range from $14.57 to $29.35 in 2020.

File last modified: July 21, 1999

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