MOSCOW, February 5 (Sputnik) — The European Commission lowered its oil price forecast for 2015 by 42 percent to $53 per barrel, a Commission press release said Thursday.
“Following an average oil price of 99.7 USD/bbl in 2014, a decline to an average of 53.0 in 2015 and a rebound to 61.5 in 2016 is assumed. This implies a substantial downward revision by 42% (2015) and by 34% (2016) with respect to the autumn forecast,” the statement said.
The Commission’s previous forecast was published in November 2014.
