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World oil prices

Current oil price decline is not point of concern — World Bank

The date of the formal OPEC meeting is obviously "the key date to watch" in respect of oil prices, Senior Economist of the Development Prospects Group in the World Bank John Baffes stated

WASHINGTON, May 5. /TASS/. The World Bank does not see grounds for concerns and revision of its oil price outlook in view of the recent decline, Senior Economist of the Development Prospects Group in the World Bank John Baffes told TASS on Friday.

"We have seen similar changes (especially following announcements or data releases) on many occasions," the expert said commenting on the recent drop in oil prices by more than 5% in three days. "I would not take that as indicative of what will unfold in the rest of the year," he added.

The date of the formal OPEC meeting on May 25 is obviously "the key date to watch" in respect of oil prices, Baffes said.

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