By 2050, the price of oil can fall to $10 per barrel if the world manages to achieve the Paris Agreement targets and switch to electricity. This forecast was made by analysts at the consulting company Wood Mackenzie, which is engaged in research in the field of energy.

Analysts estimate that by the middle of the century, oil demand can fall by 70 percent compared to the current one. Moreover, it will begin to fall already in 2023, and then will accelerate sharply. Experts believe that by 2030 the price of the benchmark Brent will drop to $37-42 per barrel, and in two decades the price will be $10 per barrel.

Earlier in April the Russian Energy Ministry predicted a peak in global oil demand. It is not expected until 2030-2035, but the risks of its onset in an earlier period and a substantial reduction in the growth rate of world oil demand in the 2020s are increasing. The department believes that these risks are rising due to the consequences of the coronavirus pandemic, which had a negative influence on the usage of oil and petroleum products.