IMF slightly reduces forecast on oil prices for 2018-19


October 9, Fineko/abc.az. The International Nonetary Fund (IMF) has slightly lowered the forecast on world oil prices for 2018 and 2019 — to $69.38 and $68.76 a barrel, respectively.

According to the October’s IMF World Economic Outlook, the forecast on the average oil price for 2018 was cut by $0.85 and for 2019 by $0.23 a barrel.

"The estimated average price a barrel of oil was $52.81 in 2017, the estimated price based on market futures, $69.38 a barrel in 2018 and $68.76 a barrel in 2019," the Fund says in the Outlook.

In July, the IMF increased much the forecast of world oil prices for 2018 up to $70.23 a barrel. The forecast of the average oil price for 2019 was also increased - up to $68.99.