WASHINGTON (Pakistan Point News / Sputnik - 09th October, 2018) The International Monetary Fund (IMF) has slightly lowered its forecast for average oil prices in 2018 and 2019 to $69.38 and $68.76, respectively, according to its latest World Economic Outlook (WEO) report.
"Oil prices are expected to average $69.38 a barrel in 2018 (higher than the April 2018 WEO projection of $62.30 and the 2017 price of $52.80 a barrel). Global oil supply is expected to gradually increase over the forecast horizon, lowering oil prices to $68.76 a barrel in 2019, and further to about $60 a barrel in 2023," the report says.
In July, the IMF projected an increase in the average price of oil, expecting them to amount to $70.23 in 2018 and $68.99 in 2019.
