_1488696817.jpg "IMF talks forecasts for oil prices for 2017")
The IMF forecasts that oil prices in 2017 will continue to remain within the range of $55-58 per barrel, El Qorchi said, adding that sharp rise in oil prices is only possible in case a drastic change in the ratio of supply and demand happens in the world market.
Returning to the price of $100 per barrel is a very difficult goal and it is unlikely to be achieved in a short time. The previous prices can only return only if there is a sharp decline in the supply in the market or a large increase in the demand for oil, according to him.
He believes the prices will remain at the current level for some time given the current levels of supply and demand.
In January, the IMF raised its forecast for average oil price by $0.6 to $51.2 per barrel for 2017. The fund expects the average oil price to be $53 per barrel in 2018.
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