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World oil prices

Average oil price in 2018 to grow to $56 — World Bank

The oil price is expected to grow in 2018 on strong oil demand and restraint in OPEC and non-OPEC production, the World Bank said

© AP Photo/Gregory Bull

MOSCOW, November 29. /TASS/. Amid strong demand for oil and a reduction of its production in the OPEC+ countries, the World Bank forecasts an increase of the average price of a barrel of oil in 2018 to $56 from $53, the World Bank said in its Russian Economic Report released on Wednesday.

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Oil price to depend not only on extension of OPEC + deal, but also on its terms — experts

"Oil prices are expected to average $53/bbl in 2017 and rise to $56/bbl in 2018 on strong oil demand and restraint in OPEC and non-OPEC production (despite projected increases in US shale production)," the report said.

Although, account to the World Bank, there are some risks to the forecast. "Supply to the global market from politically stressed oil producers, including Iraq, Libya, Nigeria, and Venezuela, could be volatile. The agreement among OPEC and non-OPEC countries to cut production more deeply could materially tighten markets-the next OPEC meeting is on November 30. Conversely, failure to extend the agreement could exert downward pressure on prices. Efficiency gains among US shale producers could boost global oil supplies," the report said.

At the same time, according to the report, the medium-term growth forecast for Russia was slightly increased after higher exports and a slightly stronger-than-expected recovery of domestic demand. "In an environment of relatively high oil prices, macro stabilization, and improved business and consumer confidence, we expect Russia’s economy to continue to grow," the World Bank said.

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