NEW YORK, May 7 (UPI) -- U.S. financial giant Goldman Sachs projects crude oil prices could reach $200 a barrel in the next 24 months, a company document says.

The firm cites the slow growth of supplies of the benchmark commodity, 24/7 Wall Street reported Wednesday.

The Goldman Sachs summary says, "the remaining duration of the upcycle remains a major uncertainty," 24/7 Wall Street noted.

On Tuesday, a new monthly report issued by the U.S. Energy Information Administration said crude oil consumption would increase at the rate of 1.2 million barrels per day in 2008.