WB lowers average oil price outlook for 2019–2020 to $67

WASHINGTON, Jan 9 (PRIME) -- The World Bank has lowered the forecast for the average oil price in 2019–2020 by U.S. $4 per barrel since the last report in December, 2018 to $67 per barrel, according to a report seen by PRIME on Wednesday.

“Oil prices are expected to average $67 per barrel in 2019 and 2020, $2 per barrel lower than June projections; however, uncertainty around the forecast is high. While growth in oil demand is expected to remain robust in 2019, the expected loss in momentum across EMDEs (Emerging Markets and Developing Economies) could have a greater impact on oil demand than expected. The outlook for supply is uncertain and depends to a large extent on production decisions by OPEC and its non-OPEC partners,” the report read.

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