Azernews.Az

Friday July 11 2025

European Commission cuts oil prices forecast

4 February 2016 17:43 (UTC+04:00)
European Commission cuts oil prices forecast

Given the further decline of oil prices in January, the European Commission decreased its oil prices assumption to $35.8 per barrel in 2016 and to $42.5 per barrel in 2017, its Winter 2016 Forecast published on February 4 reads.

In European Commission’s Autumn 2015 Forecast, Brent oil was projected to be on average $54.2 per barrel in 2016, and $58.8 per barrel in 2017.

“Uncertainty around this technical projection for the oil price remains high in the short and medium run, due to geopolitical tensions, the outlook for an increase in the oil supply that is expected to come from Iran following the removal of sanctions in mid-January, and the response of oil producers with break-even costs above current spot prices,” the report said.

---

Follow us on Twitter @AzerNewsAz

Here we are to serve you with news right now. It does not cost much, but worth your attention.

Choose to support open, independent, quality journalism and subscribe on a monthly basis.

By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.

Subscribe

You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper

Thank you!

Loading...
Latest See more