Oxford Economics: Oil prices to fall in 2018

Baku. 15 November. REPORT.AZ/ The average annual price for Brent oil in the global market will drop to $ 55 per barrel in 2018.

Report informs citing the RIA Novosti, said analysts of the Oxford Economics research company.

According to experts, in 2018, prices will gradually decline against the backdrop of increasing global oil production and rising oil reserves. According to the base scenario, after the Brent oil price sharply increases to $ 64/barrel, prices are likely to fall.

Notably, price of Brent crude oil has dropped to $ 61.5 per barrel over the last two working days. The reason for decline according to the initial report of the American Petroleum Institute (API) is growth in oil reserves in the country by 6.5 mln barrels contrary to forecasts and predictions from International Energy Agency's (IEA) report that global oil demand will grow less than expected.