- Home
- Business
- IMF Upgrades Forecast of Average Oil Prices in 2021 by $3.30 to $50.03 Per Barrel - Report
IMF Upgrades Forecast Of Average Oil Prices In 2021 By $3.30 To $50.03 Per Barrel - Report
Fahad Shabbir (@FahadShabbir) Published January 26, 2021 | 06:10 PM
MOSCOW (UrduPoint News / Sputnik - 26th January, 2021) The International Monetary Fund (IMF) on Tuesday upgraded the forecast for the simple average of oil prices this year by $3.30 per barrel to $50.03 per barrel, as demand is expected to grow after suffering a huge contraction in 2020.
"Simple average of prices of UK Brent, Dubai Fateh, and West Texas Intermediate crude oil. The average price of oil in US Dollars a barrel was $41.
29 in 2020; the assumed price, based on futures markets (as of January 4, 2021), is $50.03 in 2021 and $48.82 in 2022," the IMF said in the World Economic Outlook Update report.
In 2020, oil prices plummeted due to the low oil energy demand sparked by the economic downturn and the suspension of the majority of air traffic amid the outbreak of COVID-19. However, in 2021, it is expected to recover and grow by 5.9 million barrels a day year-on-year, according to the Organization of the Petroleum Exporting Countries' latest forecast.
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
8 hours ago -
US stocks rebound on tech earnings, London hits new record
8 hours ago -
US approves gene therapy treatment for hemophilia
8 hours ago -
KATI president for inclusion of agri sector in tax net
8 hours ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
10 hours ago -
Police to take every step for security of business community: IGP
10 hours ago
-
WB director, Planning minister discuss reforms in development projects
10 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
11 hours ago -
FBR’s data protection efforts commended by OECD assessment team
11 hours ago -
US stocks rebound on tech earnings, London hits new record
12 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
12 hours ago -
SBP to announce monetary policy on April 29
12 hours ago