Aircraft manufacturer Boeing says it anticipates oil prices to stabilise in the range of $70-$80 per barrel in 2008 dollars, over the next 20 years.
Boeing's view was announced by Boeing's vice president of marketing Randy Tinseth to the media in Sydney. Tinseth added that Boeing's forecasts have been proven "quite accurate" in this decade.
As per Boeing's projections, by 2027 the global passenger and freighter fleet will comprise 2,630 regional jets (seven per cent), 23,540 single-aisle aircraft (66 per cent), 8,290 twin-aisle aircraft (23 per cent) and 1,340 jumbo aircraft (four per cent).
The company estimates the total value at $3.2 trillion.
Tinseth acknowledged the company having overestimated sales of jumbo aircraft (747s and A380s) and regional jets in 2000 when it forecast the types would account for five per cent and 19 per cent of the market. As of August 2008, the respective percentages were three per cent and 14 per cent respectively.
Boeing also underestimated the sales of single-aisles, projected at 55 per cent, and twin-aisles projected at 21 per cent, with the real figures now standing at 59 per cent and 24 per cent respectively.
Tinseth said that the actual data supports the company's "point-to-point" emphasis, despite the initial popularity of Airbus' A380 with passengers.
Predicting the future, Tinseth said that the Asia/Pacific region would be the world's largest market with 9,160 aircraft (31 per cent) delivered through 2027.
He said that by value, on account of the higher number of twin-aisles, the share will be 38 per cent or $1.19 trillion.
Boeing expects the annual GDP growth in the region to be around 4.1 per cent, and traffic growth of 6.7 per cent.