An error occured. Details Hide
You have unsaved pages. Restore Cancel
 555080    22   Export
More Actions

Fluctuations in global crude oil prices have always been in the focus of economic and financial news. The higher crude oil prices rise, the more positive is the economic outlook for petroleum exporters. In contrast, those countries dependent on petroleum imports suffer to varying degrees from those same higher prices as import bills increase. Estimates for the price per barrel for crude oil from leading financial and multilateral institutions are thus closely monitored by governments, investors, and consumers alike. Here's a summary of some recent crude oil price forecasts:

  • The World Bank estimated in its January 2016 commodity forecast report that the average spot price for crude oil will fall slightly further in 2016 to $37/bbl from $51/bbl in 2015.
  • The IMF's January report revealed a similar expected decline from $51.6/bbl in 2015 to $50.4/bbl in 2016. 
  • In September, Goldman Sachs Commodities Research slashed its oil price forecast for 2016 to $49.5/bbl for the international benchmark Brent crude oil from $53.7/bbl in 2015, allowing for a short-term price decline to $20/bbl. View our visualization page for more details.
  • Global crude oil price forecasts from the Economist Intelligence Unit and the OECD are also provided in our visualizations below.

View more energy statistics and visualizations related to energy, including the estimated breakeven cost of oil production by countrynatural gas price dynamics and insights from the BP Energy Outlook 2030, or dive deeper into historical commodity prices from the World Bank and IMF or commodity price forecasts. You can also explore with Knoema a variety of other critical commodities, including: gold | silver | copper | aluminum | nickel | zinc | coal

As you examine commodity prices and forecasts, you may also be interested in economic forecasts for the G20 countries across the following indicators:              GDP growth | inflation | unemployment | government debt | current account balance | external debt.

Last updated: Thursday, July 21, 2016