Crude oil

World Bank Revises Down Forecasts for Oil Prices, Key Commodities in 2015 and 2016

Posted on by The Editorial Team
World Bank Revises Down Forecasts for Oil Prices, Key Commodities in 2015 and 2016

Lagos, Nigeria, Capital Markets in Africa — In its latest commodity update, the World Bank is lowering its 2015 forecast for crude oil prices from $57 per barrel in its July report to $52 per barrel. The revised forecast reflects a further slowing in global economic performance, high current oil inventories, and expectations that Iranian oil exports will rise after the lifting of international sanctions, according to the Bank’s new Commodity Markets Outlook, a quarterly update on the state of the international commodity markets. The…

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OPEC predicts oil prices will stay below $100 for a decade

Posted on by The Editorial Team
OPEC predicts oil prices will stay below $100 for a decade

The Organization of the Petroleum Exporting Countries (OPEC) thinks oil will stay below $100 for a decade, and it’s worried a low oil price environment won’t be enough to snuff out the emerging US shale gas industry. A report seen by the Wall Street Journal has said that OPEC thinks a best-case scenario will see oil prices at $76 a barrel in 2025. And the organisation also warned crude oil could cost less than $40 per barrel…

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