MOSCOW (Sputnik) — The report stressed that oil prices were volatile and highly dependent on a variety of factors, including Brexit contributing to the general uncertainty and risk aversion or economic slowdown in Russia and China.
"Oil prices are assumed to average $43 a barrel in 2016 and $51 a barrel in 2017. Over the medium term, any further oil price recovery is expected to be limited, with futures markets suggesting prices will remain below $60 by 2021," the report detailing the oil market forecast and its influence on the Middle East, North Africa, Afghanistan, and Pakistan said.
In a recent effort to revitalize oil demand, Organization of the Petroleum Exporting Countries (OPEC) members reached an agreement on oil production freeze scheduled for finalization at OPEC summit on November 30, with non-OPEC states, including Russia, open to also capping the output.
