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World Bank: Average oil price to grow to $56 a barrel next year

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November 30, 2017 – Fort Russ News – Paul Antonopoulos

MOSCOW, Russia – The World Bank said in its Russian Economic Report released on Wednesday claimed that the average price of oil will reach $56 next year, up from $53.

“Oil prices are expected to average $53/bbl in 2017 and rise to $56/bbl in 2018 on strong oil demand and restraint in OPEC and non-OPEC production (despite projected increases in US shale production),” the report said.

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There were some risks however.

“Supply to the global market from politically stressed oil producers, including Iraq, Libya, Nigeria, and Venezuela, could be volatile. The agreement among OPEC and non-OPEC countries to cut production more deeply could materially tighten markets-the next OPEC meeting is on November 30,” the report said.

“Conversely, failure to extend the agreement could exert downward pressure on prices. Efficiency gains among US shale producers could boost global oil supplies,” the report continued.

“In an environment of relatively high oil prices, macro stabilization, and improved business and consumer confidence, we expect Russia’s economy to continue to grow,” the World Bank said.

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