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WB forecasts average oil price at $104 per barrel in 2014

world oilWorld Bank expects that in 2013 average oil price will be $105 per barrel and in 2014 it will decrease insignificantly to $104 per barrel, reads WB report, which includes the macro-economic forecasts.
In the report WB experts reminded that in February 2013 oil price reached $108 per barrel, but in quarter 2 they went down and stabilized at below $100 per barrel. However, considering geopolitical situation in Egypt and Syria, in July 2013 oil prices went up to $105 per barrel and reached $108 per barrel in August and early September 2013.
“At present we could expect exceeding the forecast, especially if the Middle East conflict is spread to the main countries-makers or if they are problems with oil transportation via the Ormuz Gulf,” the report reads.
According to the forecast, world oil demand will increase by 1.1 million barrels per day in 2014 against the growth by 0.9 million barrels in 201. In 2014 the average daily consumption will exceed 92 million barrels. It is also expected that the OPEC member-states will reduce the deliveries, because of growth of production by the non-OPEC member-states.