Global Oil Prices to Stabilize at $73 by 2019, Says IMF

Global Oil Prices to Stabilize at $73 by 2019, Says IMF

Global oil prices are expected to reach $73 per barrel by 2019, the International Monetary Fund (IMF) said in a report released Tuesday.
“Prices are expected to remain well below the October 2014 WEO baseline into the medium term (for instance, projected prices for 2019 declined from $93 to $73 a barrel),” the IMF’s World Economic Outlook said.
According to the IMF, oil futures prices are indicative of a partial recovery in crude prices in the coming years, but the level of uncertainty about the future trajectory of oil prices has increased, Sputnik reported.
Earlier on Tuesday, the World Trade Organization (WTO) projected that the price of oil would be $60 per barrel in 2015 and $70 per barrel in 2016.
Global oil prices have dropped by nearly 50 percent since summer 2014, damaging economies reliant on energy exports. In November 2014, the Organization of Petroleum Exporting Countries (OPEC) decided not to reduce oil output levels, which prompted an even greater slump in prices. The West Texas Intermediate crude stands at around $52, while Brent is about $58.
The IMF also cut its forecast for regional growth this year amid lower oil prices and faltering trade flows. It expects the Middle East, North Africa, Afghanistan and Pakistan to grow by 2.9 percent this year, down from its earlier prediction of 3.3 percent. “Oil price declines will sharply slow growth for oil exporters, especially those that also face difficult initial conditions,” said Olivier Blanchard, chief economist at the IMF.


Short URL : http://goo.gl/80QYXc

You can also read ...

South Pars Phase 14 platform
The first offshore platform of South Pars Gas Field's Phase 14...
Britain, South Korea in Talks to Safeguard Crude Trade
Britain and South Korea are in talks to protect an arrangement...
Laying the 290km gas pipeline needs an investment of €245 million ($300 million) and will be completed by March 2020.
Iran’s defense and oil ministries signed a contract on Monday...
Brent, WTI Prices Dip as US Rig Count Increases
Oil prices dipped on Monday as a rising US rig count implied...
OPEC, Non-OPEC Conformity Hits 149%
The Organization of Petroleum Exporting Countries and...
Egypt Eyes $10b in Hydrocarbon FDI
Egypt aims to attract foreign investments in the oil and gas...
NIDC Outlines Plan for Expanding Operations
Bidding in international tenders, expanding foothold in...