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The World Ahead

Global energy poised for a once-in-a-century transformation

Uncertainties abound in industry used to perpetual growth as peak oil looms

Crude is languishing near $40 a barrel in 2020, less than half the price six years ago.   © Reuters

LONDON -- For over a hundred years the oil sector has been characterised by cycles of boom and bust: low prices eventually lead to higher prices as underinvestment and rising consumption catches up with the industry.

With crude languishing near $40 a barrel in 2020 -- or less than half the level of six years ago -- it would seem natural to bet that oil prices will rise substantially by 2025 as the oil cycle turns.

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