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World Bank increases oil price projections for 2015-16

by ChemOrbis Editorial Team -
  • 23/07/2015 (14:03)
According to media reports, the World Bank has revised its oil price projections upward for this year and 2016. Oil prices will average around $57/barrel this year, up from its previous estimate of $53/barrel due to stronger than expected demand in the second quarter. Meanwhile, for 2016, the bank expects oil prices to stand at about $61/barrel because of an expected slowdown in supply growth.

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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