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World Bank Improves Forecast for Oil Price

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world_bank_101113The World Bank has improved the forecast for oil price in 2017 from 53 dollars to 55 dollars per barrel amid the preparation of the agreement on the freezing of oil production by members of the Organization of Petroleum Exporting Countries, said the bank.

Energy prices, which include oil, natural gas and coal, are expected to grow by 25 percent in the next year, showing greater growth than expected in July. The forecast for oil for 2016 will remain at the level of 43 dollars per barrel.

“We expect a significant increase in energy prices, led by oil, next year,” said a senior economist of the World Bank John Baffes. “At least there is considerable uncertainty surrounding the outlook, as we expect the details and implementation of the OPEC agreement, which will undoubtedly have a significant impact on the oil markets,” he believes.

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