World Bank forecasts a further 27% decline in oil prices.

Home / Oil / World Bank forecasts a further 27% decline in oil prices. FORECAST

The World Bank lowered its forecast for oil price to 37 USD/bbl from its October estimate of 51 USD/bbl on January 26. This move is driven by several supply and demand factors. On the supply side, an earlier than anticipated entrance to market by Iran will make the global oversupply problem even worse. On the demand side is the weak growth prospects in major emerging economies. Though the World Bank estimates the oil prices to drop 27% in 2016, it also expects the prices to gradually recover throughout the year.

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