The price cycle for commodities has come to an end.
Oil prices in 2019 will be lower than projected earlier.
About it reported in a press-service of the United Nations, writes the Chronicle.info with reference to the UNN.
“Oil prices in 2019 will be lower than previously projected because of weaker-than-expected growth in the world economy and increasing oil production in countries outside OPEC. In addition, all expectations were surpassed oil production in the United States,” said the UN, citing world Bank data.
According to the forecast Organization, the average price of crude oil, according to forecasts, will amount to $ 66. per barrel in 2019 and $ 65. per barrel in 2020.
“It is obvious that the price cycle for commodities has come to an end, and this creates problems for exporters, but can open new opportunities for importers,” – the press service quoted the UN speech of the Vice-President of the world Bank jailbreaking Pazarbasioglu. In her opinion, exporters may need to diversify the economy, to adapt to the decline in profit from sale of raw materials.
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According to the forecast, energy prices in General – including natural gas and coal – will be in 2019 on average 7.9% below the level in 2018.