Fuels: Prices Unchanged Till 2015

With an average price of $ 111.65 in 2012, Brent had completed its fourth year increase, exceeding the record low set in 2011 at $ 110.91. Forecasts of weak economic growth and oil production increased lead experts to expect a decline in oil prices this year. Brent is thus expected to average $ 106 a barrel.

If this is the case, motorists and transit users can breathe a big sigh of relief. The last increase took place on 1 March 2013, the price of petrol from Rs 49.30 to Rs 52.25 per liter while that of diesel rose to Rs 43.95 per liter instead of Rs 41.20 earlier. However, vigilance is upgraded to the STC for the volatility of oil prices on the world market. Moreover, the collapse of the Syrian crisis has pushed the price of Brent, which rose from $ 100 to $ 115.

40% drop in the price of oil by 2035

One of the main factors that contribute to an average drop in oil prices is the increase in North American supply, says the International Energy Agency (IEA) in its latest report on the evolution of market oil in the medium term, presented on the sidelines of international 'Platts' in London. The report predicts a growth of oil production on the North American continent of 3.9 million barrels per day (bpd) between 2013 and 2018. "The increase in supply and the general revaluation reserves will help relieve a market that was relatively tight for several years," said the IEA.

Indeed, the extraction of oil from U.S. shale growing much faster than expected. Unconventional oil, extracted from the rock through hydraulic fracturing techniques - like shale gas - had until now a marginal role in world oil production. In the United States, the main mining area until now, it was producing 110,000 barrels per day in 2001 and it increased to 550,000 barrels in 2011. Forecasts long term reported a higher contribution to reach 3 to 4 million barrels / day in 2035. However, this level of production will be reached much earlier. It exceed five years for the expected 2035 level. According to a recent study by PwC, oil prices could fall by nearly 40% in twenty years.