IMF projects oil prices at the level of $55-58 per barrel this year

Almaty. March 6. Silkroadnews – This year oil prices are projected to vary within $55-58 per barrel range, Chief of the International Monetary Fund (IMF) Mission in Azerbaijan Mohammed El Qorchi said.

“(...) the situation is that price of 100 dollars per barrel is unlikely to be achieved in a short time. Our forecast is that for 2017 oil price will remain within the range of $55-58 per barrel and stay at this level until a drastic change in the ratio of supply and demand”, he told in his interview with Trend.

“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”, chief of mission said.

This January the IMF raised its forecast for the average oil price by $0.6 up to $51.2 per barrel for 2017. For the next year the Fund projects average oil price at $53 per barrel.