Angela Monaghan
telegraph.co.uk
May 14, 2012
As oil prices remain at historically high levels of around $110 (£68) a barrel, the working paper warned a combination of rising demand and constrained supply could have major consequences.
“Our prediction of small further increases in world oil production comes at the expense of a near doubling, permanently, of real oil prices over the coming decade,” the report’s authors concluded.
“This is uncharted territory for the world economy, which has never experienced such prices for more than a few months.”
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