Russian ratings agency reveals oil price forecast
Baku, Azerbaijan, Oct. 8
By Taleh Mursagulov - Trend:
Russia’s ACRA (Analytical Credit Rating Agency) forecasts the Brent crude oil to cost $75 per barrel as of late 2018, Zhannur Ashigali, associate director of the Sovereign Ratings and Forecasting Group at ACRA, told Trend Oct. 8.
He said that the current increase in oil prices is caused by a decrease in the dynamics of production in Venezuela, infrastructure restrictions for the growth of production in the US, OPEC+ decision, the potential sanctions against Iran and other factors.
At the same time, he noted that the ACRA for the first quarter of 2019 expects the price of Brent crude to decrease to $65 per barrel.
The price of Brent oil rose from $66.57 from the beginning of 2018 to $83.14 as of October 8 or by 24.9 percent, and also increased by 49.75 percent compared to the same period last year. In addition, on October 3, 2018, oil prices renewed the maximum high of November 2014, rising to $86.29.
(1.7 AZN = 1 USD on Oct. 8)