IMF forecasts no significant change in oil prices for next 2 years

  13 September 2017    Read: 756
IMF forecasts no significant change in oil prices for next 2 years

Oil prices will fluctuate in the range of $50-$55 per barrel in the next two years, Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), forecasts.

Crude prices are unlikely to change significantly in the coming years, he told a press conference in Baku Sept. 13.

Azour said he believes oil prices will remain at the level of $50-$55 per barrel until there is a sharp change in the supply or demand.

In July, the IMF raised its forecast for average oil price in 2017 by about $3 – up to $51.9 per barrel. The IMF expects the average price of oil at the level of $52 per barrel in 2018.

Touching upon the 2018 fiscal breakeven oil price for Azerbaijan, Azour noted that updated data on fiscal breakeven oil price will be published in October.

The 2017 fiscal breakeven oil price in Azerbaijan is $91.4 per barrel.

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