IMF raised its forecast for oil prices in 2020 and 2021

US, WASHINGTON (ORDO NEWS) — The International Monetary Fund (IMF) raised its forecast for oil prices in 2020 and 2021 to $ 36.18 and $ 37.54, respectively, in connection with the new coronavirus pandemic. This is stated in the IMF’s July Bulletin, “Prospects for the Development of the World Economy,” published on Wednesday.

In an April report, the IMF predicted that the average price of one barrel of oil would be $ 34.80 this year, and $ 36.40 next year. In 2019, the fund notes, the cost of a barrel of oil averaged $ 61.39.

As the authors of the report note, “oil futures curves show that prices are expected to rise [subsequently] to $ 46, which is still about 25% below the 2019 average.”

The indicator for calculations in this study is taken as the arithmetic average of the cost of British, Dubai and West Texas grades of oil.

Experts note that “stability in the oil market has helped raise the mood” of investors. The fund believes that “low oil prices also provide an opportunity to reduce harmful fuel subsidies.”

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