Thursday, October 30, 2025
25.2 C
Lagos

‘Oil Price to Rise 4% in 2018’- World Bank

Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilising U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said on Thursday.

Prices for energy commodities – which include oil, natural gas, and coal — are forecast to climb 4 percent in 2018 after a 28 percent leap this year, the World Bank said in its October Commodity Markets Outlook. The metals index is expected to stabilise in the coming year, after a 22 percent jump this year as a correction in iron ore prices is offset by increased prices in other base metals. Prices for agricultural commodities, including food commodities and raw materials, are anticipated to recede modestly in 2017 and edge up next year.

“Energy prices are recovering in response to steady demand and falling stocks, but much depends on whether oil producers seek to extend production cuts,” said John Baffes, Senior Economist and lead author of the Commodity Markets Outlook. “Developments in China will play an important role in the price trajectory for metals.”

The oil price forecast is a small downward revision from the April outlook and is subject to risks. Supplies from producers such as Libya, Nigeria, and Venezuela could be volatile. Members of the Organisation of the Petroleum Exporting Countries (OPEC) and other producers could agree to cut production further, maintaining upward pressure on prices.

Conflicts in South Sudan, Yemen and Nigeria have driven millions of people from their homes and left millions more in need of emergency food.

The World Bank’s Commodity Markets Outlook provides detailed market analysis for major commodity groups, including energy, metals, agriculture, precious metals, and fertilizers. The report includes price forecasts to 2030 for more than 45 commodities. It also provides historical price data and supply, demand, and trade balances for most commodities.

spot_img
spot_img
spot_img

Hot this week

NGX Group Chair, Umaru Kwairanga, Draws Roadmap for Leadership in Nigeria

   Being the remarks by Alhaji (Dr.) Umaru Kwairanga, Group...

NCRIB to Partner State Govts to Drive Insurance Penetration in Nigeria

L-R: Mr. Tope Adaramola, Executive Secretary; Mrs. Ekeoma Ezeibe,...

OPay – From Payment Platform to Lifestyle Ecosystem

By Moses Braimah Out of curiosity, I decided to spend...

Dangote and the Nigeria Refinery Revolution

  Beyond the Monopoly Myths By Moses Braimah When the Dangote...

Anambra Tops 2025 State of States Fiscal Performance Ranking

BudgIT, Nigeria’s leading civic-tech organisation promoting fiscal transparency and...

Topics

MTN Foundation Invests N18bn to Empower Communities

MTN Foundation has invested over N18 billion since inception...

Fidelity Bank Boosts Learning with Donations to Govt Sec. School, PH

L-R: Team Lead, Human Resource and Business Partner East...

Linkage Assurance: N1.4bn Profit, N1.4bn Claims Paid in H1, 2022

Daniel Braie Managing Director/CEO Linkage Assurance Plc Linkage Assurance Plc has beaten...

‘Kari Qualified as Commissioner for Insurance’

Two classmates of Alhaji Mohammed Kari, Commissioner for Insurance,...

‘Insurers Always Reject Recapitalisation at Take-off’

Mr. Sunday Thomas, the Deputy Commissioner (Technical), National Insurance...

Nigeria to Lift Trade Frontier in U.S.-Africa Relations

“Evidence of improved governance is seen across Africa, and...

Sovereign Trust Insurance Celebrates Customer Service Week in Style

The Managing Director/CEO, Sovereign Trust Insurance Plc, Olaotan Soyinka,...

2nd Business Journal Insurance Summit 2015 Set for Dec. 9

The 2nd Business Journal Insurance Summit & Exhibition 2015 is scheduled for Wednesday, December 9, 2015 at Sheraton Hotel, Ikeja (Lagos). Time is 10.00am. A statement by Prince Cookey, Publisher/Editor-in-Chief of Business Journal, says the summit would be the single largest gathering of insurance regulators, operators, professionals, media and allied professions, to examine measures for sustainable growth of the insurance sector in Nigeria. Cookey said:
spot_img

Related Articles

Popular Categories

spot_imgspot_img