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World Bank expects oil prices to rise in 2017

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Staff Writer | January 26, 2017
Oil production
Energy   The strengthening of the demand

The average price of the oil barrel for 2017 will be around $55, a 26% higher than the previous year, the World Bank stressed.

According to estimates by the agency, oil will be registering an average of 60 dollars per barrel, due to the strengthening of the demand and the supply downturn after the agreement signed by the Organization of the Petroleum Exporting Countries (OPEC).

"Oil prices are expected to remain at $55 per barrel, unchanged regarding our October estimates, and a 26 percent more than 2016 average price of $43 per barrel," said the quarterly report Of the WB on the progress of industrial commodities.

The figures are based on a "partial compliance" of the covenant succeeded by OPEC, and the market is expected to hit the readjustment in the second half of the year, "which would reduce the existing inventory," the analysis said.


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