IEA forecasts rise in oil price by 2025

Baku. 13 November. REPORT.AZ/ The International Energy Agency (IEA) has improved its oil price outlook by 6 percent to $88 per barrel in 2025, Report informs citing RIA Novosti.

IEA also expects the oil price will go up by 0.9 percent to $112 per barrel by 2040.

According to the IEA, taking into account the current energy policies of the countries and their announced plans, oil price is projected to gradually increase from the average price of $52 per barrel in 2017.

Along with this, the IEA expects world oil demand to increase by 12.1% to 106.3 million barrel per day. So, the agency improved its outlook for daily oil output up to 1.4 million barrels.