Caspian Energy Journal Caspian European Club
Thursday, 01 November 2018 11:00

Oil price rises in 2019 to be modest, World Bank

Growing global trade tensions are weighing on non-energy commodity prices and are leading to downward revisions to 2019 price forecasts, the World Bank said in its October Commodity Markets Outlook, Caspian Energy News ( reports with reference to the press office of the Word Bank Group.

According to the outlook, oil prices are forecast to average $74 a barrel over 2019, only marginally up from a projected average of $72 a barrel in 2018, while metals prices are expected to remain broadly stable in 2019.

Prices for energy commodities – which include oil, natural gas, and coal -- are forecast to average 33.3 percent higher in 2018 than the previous year but to broadly stabilize in 2019, the World Bank said. U.S. oil production growth is expected to be robust whereas oil production losses are expected in Iran and Venezuela. Global demand is expected to hold steady.

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Person in charge of the newsline: Olga Nagiyeva 

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