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Opec: Oil prices will reach $70 a barrel by 2020

Oil producers’ group Opec has said it expects oil prices to start to recover over the next few years.

Prices have fallen from more than $100 a barrel in the summer of 2014 to less than $40 a barrel now.

However, in its World Oil Outlook report, Opec said oil would rise to $70 a barrel by 2020 and in the long term would continue higher.

It expects the market share of Opec producers to shrink by 2020 as rivals prove more resilient than expected.

Source: BBC

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