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Major events in Caspian countries' oil and gas industry for last week (July 24-28)

Analysis Materials 31 July 2017 15:52

IMF revises oil price forecast for 2017-2018

The International Monetary Fund (IMF) has decreased the forecast for the world oil price for 2017-2018 by $3 per barrel compared to the previous forecast - $51.9 in 2017 and $52.0 per barrel in 2018, according to IMF’s World Economic Outlook Update, July 2017.

“Oil prices have receded, reflecting strong inventory levels in the United States and a pickup in supply,” according to IMF’s World Economic Outlook Update. “Headline inflation also generally softened as the impact of the commodity price rebound of the second half of 2016 faded, and remains at levels well below central bank targets in most advanced economies. Core inflation has remained broadly stable. It has largely been stable in emerging economies as well, with a few, such as Brazil and Russia, witnessing strong declines.”

The assumed price based on futures markets (as of June 1, 2017) is $51.9 per barrel in 2017 and $52.0 per barrel in 2018.

IMF has increased the forecast for the world oil price for 2017 by around $4 barrel up to $55.23 per barrel, while by $2 up to $55.06 per barrel for 2018, according to IMF’s World Economic Outlook, April 2017.

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