World Bank Predicts $55 Per Barrel of Oil This Year

© AP Photo / Hasan Jamali, FileIn this Wednesday, June 8, 2011 file photo, sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain
In this Wednesday, June 8, 2011 file photo, sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain - Sputnik International
Subscribe
US
India
Global
The World Bank predicted that the oil price will be at the average level of $55 per barrel in 2017, as gas prices will see a 15% hike.

WASHINGTON (Sputnik) — An annual forecast for industrial commodities is predicting an average price of $55 for a barrel of oil in 2017, increasing to $60 the following year, the World Bank said in a report on Wednesday.

"Rising oil prices, supported by production cutbacks by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states, will allow [oil] markets to gradually rebalance," a press release explaining the report stated.

A sign for Moody's rating agency is displayed at the company headquarters in New York - Sputnik International
Russian Oil Producers Credit to Remain High in 2017 Due to Currency, Tax Rates
The report also predicted a 15 percent rise in natural gas prices this year as well as a further 8 percent hike, according to the report.

In addition, prices for non-energy commodities, such as fertilizers, metals and minerals are expected to increase for the first time in five years, the report explained.

Metals prices are projected to jump 16 percent this year due to strong demand, especially from China, and supply constraints, including mine disruptions in Chile, Indonesia and Peru, according to the report.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала