Oil futures plunge on news production will ‘rise and fall’

<p>Oil futures have plunged on a report indicating production will rise and fall sharply.</p>

Brent Crude Oil Futures fell lower last night (December 5th) by one per cent at $108.70 per barrel on news production of the commodity is set to rise and fall.

The University of Aberdeen has found that there remains potential from the UK Continental Shelf, with both oil and gas production expected to increase between now and 2015.

But this rise is due to give way to longer-term decline in production over the coming three decades – and this slide is thought to be brisk.

Professor Alex Kemp of the Scottish university stated that between 2014 and 2013, the number of new oil fields coming into production does not balance with the number reaching the end of their economic lives.

He stated: "On current trends and performance, the ultimate potential will not be achieved over the next 30 years or even by 2050 when 17.5 billion barrels could be produced."

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