World Bank increases oil price projections for 2015-16
However, the World Bank also reported that they expect global oil prices to remain weak in the medium terms due to large inventories and higher output from OPEC countries.
According to the bank, global oil demand rose 2%, or 1.9 million barrels per day (bpd), in the first quarter on a yearly basis and the bank expects a gain of 1.5%, or 1.4 million bpd, in the second quarter. However, the bank expects slower growth in oil demand in 2016, with demand expected to rise at a pace of around 2 million bpd.
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