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World Bank lowers oil price projections for 2016

by ChemOrbis Editorial Team -
  • 28/01/2016 (13:04)
According to media reports, the World Bank lowered its oil price forecast for 2016. According to the bank, oil prices will average around $37/barrel this year, down $14/barrel from the bank’s previous estimate, due to increasing supply issues and weak demand, especially from emerging markets. The bank also forecasts that oil prices will decline another 27% in 2016 after a slump of 47% last year.

The bank reported in its annual Commodity Markets Outlook that demand would remain weak while the lifting of sanctions on Iran will elevate oversupply concerns in global oil markets and added that they expect to see a gradual recovery in oil prices over the course of 2016.
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