Enda Kenny
Ceist:203 Mr. Kenny asked the Minister for Finance the cost in euro of a barrel of oil; the projected cost of a barrel of oil over the next three to ten years; and if he will make a statement on the matter. [3577/02]
Written Answers. - Oil Prices.
According to the International Petroleum Exchange, Brent Crude oil averaged $20 a barrel in January 2002. On the basis of an average exchange rate of €1=$0.8833 in January 2002, this equates to an average price of €22.64 for a barrel of Brent Crude.
My Department does not forecast oil prices. However, I draw the Deputy's attention to the EU Commission autumn forecasts in which it is assumed that the price of Brent Crude will rise from an estimated $22.30 per barrel in 2002 to $24.80 in 2003. I am not aware of oil price forecasts by the international economic agencies which look ten years ahead.