World Bank raises 2016 oil price forecasts
Global crude supply has declined due to production disruptions in Iraq and Nigeria and lower output from non-OPEC countries, especially from the US, and this has helped crude prices to rebound from a twelve-year low of about $25/barrel in January. Currently, crude oil prices are holding above the $40/barrel threshold.
According to the World Bank, energy prices, including oil, natural gas and coal, will fall 19.3% in 2016, lower than the bank’s January expectations, which called for a decrease of 24.7% from a year earlier.
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