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IMF expects oil prices to grow by almost 20% in 2017

January 16, 18:39 UTC+3 WASHINGTON

The assumed oil price based on futures markets (as of December 6, 2016) is $51.2 per barrel in 2017, IMF said in a report

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© AP Photo/Hasan Jamali

WASHINGTON, January 16. /TASS/. The IMF expects the average oil price to grow by 19.9% in 2017 in comparison with the average indicator of 2016, according to the renewed analytical report that was circulated in Washington on Monday.

The assumed oil price based on futures markets (as of December 6, 2016) is $51.2 per barrel in 2017 and $53.1 in 2018. In 2016, the average price was $42.7 per barrel in 2016, the report said.

The IMF notes that the average figure is simple average of prices of U.K. Brent, Dubai Fateh, and West Texas Intermediate crude oil.

According to the new report, "oil prices have increased in recent weeks, reflecting an agreement among major producers to trim supply."

Earlier, the World Bank improved the forecast for oil prices in 2017 to $55 per barrel from $ 50 per barrel in the previous forecast, which was published in June 2016.

Thus, according to World Bank forecasts, the average price of the three oil blends (Dubai, Brent and WTI) will increase in 2017 by 35.2% as compared to 2016.

In 2018, the growth of oil prices will be 8.4% and in 2019 - 4.6%.

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