| The World Bank has just upped its oil price forecast for 2017, saying it now expects average prices to be US $55 a barrel over the next year. That’s US$2 more than its earlier forecast, which is a reflection that at least some shred of optimism is returning to the oil market.
In late September, Saudi Arabia managed to persuade its OPEC co-members to consider a reduction in their combined crude oil output in a bid to, as they called it, restore balance to the oil markets. Balance, in this context, invariably means higher prices that would help Saudi Arabia – and other oil-dependent producers – plug growing budget deficits, and help Venezuela and Nigeria stave off a complete economic collapse.........................................Full Article: Source
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