REUTERS - The Organization of the Petroleum Exporting Countries (OPEC) expects oil prices to be about $76 a barrel in 2025 in its most optimistic scenario, the Wall Street Journal reported, citing a draft of the cartel's latest strategy report.
OPEC does not expect oil prices to consistently trade at $100 barrel again in the next decade, an assessment that has the group considering the return of production limits, the Journal said. (http://on.wsj.com/1bK28p9)
Oil slipped towards $65 a barrel on Monday as signs that U.S. shale oil production was recovering after a recent price rally renewed concerns of a growing global supply glut. [O/R]
The report also considers situations where crude oil costs below $40 a barrel in 2025, the Journal said.
OPEC decided against cutting output in November, despite a huge oversupply in world markets.
The report recommends that OPEC return to a production quota system that it abandoned in 2011 after fights over how much each country would get to produce, the Journal said.
OPEC was not immediately available for comment.
(Reporting By Manya Venkatesh in Bengaluru; Editing by Don Sebastian)
