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[size=30]Economic forecast for oil prices to rise between 54 - 62 dollars in 2018[/size]
21/12/2017 11:31 | Number of readings:
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Trend Press / Agencies
The world's largest banks expected that the price of crude oil between the levels of 54 to 62 dollars per barrel next year 2018.
The outlook was based on crude subsidies from the Organization of the Petroleum Exporting Countries (OPEC), especially after its recent decision to cut output to rebalance the market, which has been suffering for more than three years.
Members of OPEC and independent producers led by Russia began in early 2017 to cut production by 1.8 million barrels per day (bpd) for six months and then extended until the end of 2018.
The Organization of the Petroleum Exporting Countries (OPEC) agreed on November 30 to extend oil production cuts by an additional 9 months ending in December 2018, amid moves by OPEC and independent producers to cut oil stocks.
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