Global oil prices are projected to average 65 U.S. dollars per barrel in 2018, driven by strong demand and output cuts, the World Bank said Tuesday.
The forecast is up from an average of 53 U.S. dollars per barrel in 2017, the World Bank said in its April Commodity Markets Outlook.
Oil prices will be supported by continued production restraint by OPEC and non-OPEC producers and strong demand from consumers, it said.
The outlook is subject to upside factors including lower U.S. shale oil output, geopolitical risks in several oil producing countries, and concerns that the United States may not waive sanctions against Iran.
It also faces downside risks such as oil producers' weaker compliance with the output cut deal, rising output from Libya and Nigeria, and a quicker-than-expected rise in shale oil output, according to the World Bank.
Prices for energy commodities, which include oil, natural gas, and coal, are forecast to jump 20 percent year on year in 2018, a 16 percentage point upward revision from the World Bank's October outlook.
Sources:cctvplus
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