European Commission sharply cuts its oil price forecast for 2019-2020

Baku. 8 February. REPORT.AZ/ The European Commission has downgraded its forecasts for Brent oil prices in 2019-2020 in its Winter 2019 interim report.

Based on futures markets, an average Brent oil price of $61 per barrel is now assumed in 2019 and 2020, according to the European Commission's new report.

"Upward price pressures are expected to be limited by growing production in the US and in Canada and also a moderation in global oil demand as the global economy gradually shifts to lower gear," the report says.

Notably, the autumn forecast of the Commission was $80.6 per barrel in 2019 and $76.7 per barrel in 2020.