IMF: Oil prices will not exceed 60 USD/barrel in next 5 years

Baku. 19 October. REPORT.AZ/ World oil prices will not exceed the level of 60 USD per barrel by 2021. Report informs citing the RIA Novosti, this is stated in the report of the International Monetary Fund (IMF) Regional Economic Outlook: Middle East and Central Asia published Wednesday.

Under the previous IMF forecast, the price in 2021 was not expected to exceed 50 USD per barrel.

The new report also notes that in 2017 the average price of oil will rise to 51 USD per barrel from 43 USD per barrel this year.

However, this forecast may be adjusted up or down due to the high uncertainty associated with differences in the volume of oil production in number of countries and continued growth in US shale oil extraction efficiency, the IMF said.