The world Bank (WB) lowered its forecast for the average price of oil in 2016 to $37 per barrel in 2017, expects its growth to $48 to $51,4 in 2018. Such estimates are contained in the report of the world Bank about economy of Russia.
“It is expected that in 2016, oil prices will remain at an average level 2015 ($37 per barrel), much lower than the price forecasts 2016 ($53 per barrel), given in the previous report on Russia’s economy in September 2015”, — TASS quoted the document.
However, the WB experts do not exclude the average price of $30 per barrel in 2016.
The average price of oil in the world Bank’s definition is calculated as the sum of three equally weighted rating average prices for Brent, Dubai Fateh and WTI.
The WB notes that the oversupply in the oil market combined with falling demand dragging down projected oil prices.
