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World Bank raises 2016 oil price forecasts

by ChemOrbis Editorial Team -
  • 27/04/2016 (15:13)
According to media reports, the World Bank raised its crude oil price forecasts for 2016 to $41/barrel from $37/barrel in its latest April 2016 Commodity Markets Outlook on expectations for an easing global oversupply. However, the bank warned that energy prices could fall further if OPEC (Organization of the Petroleum Exporting Countries) increases production significantly or non-OPEC production does not fall as fast as expected.

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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