World Bank raises oil price forecast
Issue 1020
- 29 Jul 2016
| 1 minute read
The World Bank has raised its forecast for the average price of crude oil this year, but only from $41/bbl to $43/bbl. The change is based on the impact of recent supply outages in Canada and Nigeria, and robust demand in Q2 16. The bank’s new estimate puts it closer to the US’ Energy Information Administration forecast, which is predicting an average price of $44/bbl this year and $52/bbl in 2016, according to its Short-Term Energy Outlook released on 12 July.
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