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World Bank Raises Oil Price Projection



The World Bank yesterday raised its forecast for oil prices in 2017 as members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to limit their production. In its latest quarterly commodity market outlook report, the agency estimated that crude oil prices in 2017 would reach US $ 55 per barrel, up from the July estimate of US $ 53.

"We expect a strong increase in energy prices, led by oil, next year," said John Baffes, lead author of the report.

He added the forecast was under significant uncertainty as markets were expecting the details and execution of the OPEC agreement. OPEC announced that in late September is intended to reduce production to 32.50 million bpd from the current 33.24 million bpd, but details will be discussed when members meet again next month in Vienna.

Media Indonesia, Page-17, Saturday, Oct 22, 2016

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