Oil Price Forecasts Trend Downward

Antananarivo, December 14, 5:30 p.m. – Oil price forecasts are trending downward.

The price of a barrel of Brent crude, which is expected to average $68 this year,

is projected to continue falling to $60 by 2026. This projection was shared by the

World Bank in its Commodity Markets Outlook Report, released earlier this December.

Oil prices have declined this year due to ongoing trade tensions and fears of an oversupply,

the World Bank explains in the report. A surge in production combined with weakening demand is leading

to a global oil surplus, it adds. These outlooks are therefore favorable

for fuel-importing countries such as Madagascar. However, the World Bank also