World Bank: Oil prices to remain below $60/bbl through 2016
The Bank pointed to a stronger US dollar, rising supply levels, disappointing economic growth and OPEC’s decision to follow market pricing as the main factors weighing down on oil prices. The report added that at least a year would be needed before unconventional oil sources whose extraction costs are above current market prices to disappear from the market and that most of the curtailment in supply would come through the cancellation of projects.
The report also stated that the International Energy Agency (IEA) predicts that oil consumption will average 93.3 million barrels per day in 2015, down from the average of 94.1 million barrels per day estimated by the IEA in July 2014.
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