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IMF reconsider forecast of world oil prices for 2017-2018

24 July 2017 17:18 (UTC+04:00)
IMF reconsider forecast of world oil prices for 2017-2018

By Sara Israfilbayova

The International Monetary Fund (IMF) has lowered the forecast for world oil prices for 2017-2018 by about $3 per barrel.

As a result, the estimated price based on futures markets as of June 1, 2017 is $ 51.9 for 2017 and $52 for 2018, according to IMF’s World Economic Outlook Update, July 2017.

Earlier, in the April forecast, the IMF, on the contrary, raised its forecast for world oil prices for 2017 by about $4 to $55.23 per barrel, for 2018 - by $2, to $55.06 per barrel.

The report reads that oil prices have declined due to the high levels of oil reserves in the U.S. and an increase in supply, and overall inflation has also generally declined with the weakening effect of commodity price growth in the second half of 2016 and is still well below the central banks' most countries with developed economies.

Core inflation has remained broadly stable. It has largely been stable in emerging economies as well, with a few, such as Brazil and Russia, witnessing strong declines.

Earlier, Minister for Economic Development Maksim Oreshkin stated that the agency could raise the forecast for the average annual oil price for 2017, which now stands at $45.6 per barrel.

The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership.

The IMF's primary purpose is to ensure the stability of the international monetary system -- the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other.

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