Photo: Collected
The International Monetary Fund (IMF) said on Tuesday (16 April) it expects global oil prices to decrease and average $78.60 per barrel this year and $67.50 in 2029, but warned about upside risks to this outlook.
"Futures markets suggest that oil prices will slide by 2.5% year-over-year to average $78.60 per barrel in 2024 and will continue to fall to $67.50 in 2029. Risks to this price outlook are balanced. Upside price risks could arise from an escalation of the Middle East conflict and attacks on Russian oil infrastructure," the IMF said in its new World Economic Outlook (WEO) report.
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