Average price of oil will drop to $67 per barrel in 2019: WB

10 January, 2019 12:00 AM printer

WASHINGTON: The World Bank predicts a decline in the average price of oil in 2019 to $67 a barrel, the World Bank said in a report released on Tuesday.

The World Bank’s January 2019 World Economic Outlook is titled “Global Economic Prospects. Darkening Skies.”

“Oil prices are projected to be flat, on average, during 2019-21, at $67 per barrel, potentially limiting fiscal and export revenue increases in oil-producing economies,” the WB analysts say adding that the uncertainty of the forecasts is high, reports TASS.

“Oil prices averaged $68 per barrel (bbl) in 2018, a touch lower than June forecasts but about 30% higher than in 2017,” according to the report. By the average oil price the WB implies the average price of Brent, Dubai and WTI blends. In June, the World Bank forecast the average price per barrel of oil in 2018 at $70, and in 2019 – $69.