S&P Global Ratings revises oil price forecast

Baku. 18 September. REPORT.AZ / S&P Global Ratings has revised its oil prices forecast for the coming years, director of corporate ratings for S&P Global Ratings Alexander Gryaznov said at the annual S&P Global-2018 conference in Almaty, Kazakhstan, Report informs citing Interfax.

"We revised our short-term forecast, and you are the first to know that we expect the price of $65 per barrel in 2019, and $60 per barrel in 2020," he said. "Our long-term forecast was maintained at $55 per barrel," Gryaznov said.

According to him, for the rest of this year, S&P foresees $70 per barrel.

"The high price of oil is conditioned by OPEC actions, which has cut output, the Venezuela and Mexico problems, as well as the growth in annual world oil consumption by 1.3-1.6 mln barrels per day,"  the director of corporate ratings for S&P Global Ratings noted.

Oil prices have declined today after US President Donald Trump announced a new round of tariffs on China.