The average price of oil in 2019 will fall to 67 USD per barrel, according to the World Bank (WB) experts, in a report published last night.

The average price of oil is expected to be 67 USD per barrel in 2019 and 2020, which is 2 USD below the forecast from June. However, the degree of uncertainty of the forecast remains high. The average price of oil in 2018 was 68 USD per barrel, which is “slightly below June forecast but is about 30% higher than in 2017”, according to the report.

The World Bank has clarified that it means a simple average price of Brent, Dubai and West Texas Intermediate. In June, the World Bank predicts an average barrel price for oil to be 70 USD per barrel in 2018 and 69 USD per barrel in 2019. According to experts, this oil price will remain in the next three years.

In addition, the growth of oil demand in 2019 is expected to remain sustainable, and the prospects for oil supplies depend heavily on manufacturing decisions made by OPEC and its partners.

“There is considerable uncertainty about what the consequences of Iranian sanctions will be, and about the prospect of oil production in Venezuela”, says the documents. It is expected that oil production in the US will grow by another 1 million barrels per day in 2019.