MOSCOW (Sputnik) – The World Trade Organization has forecast that the price for oil in 2015 will be $60 per barrel and climb to $70 per barrel in 2016, an economist from the WTO’s research and statistics department said Tuesday.
Coleman Nee said the WTO expects the oil prices to hover at $60 per barrel for the remainder of this year and would slightly increase to $70 per barrel in 2016.
Global oil prices have dropped by about 50 percent since the summer of 2014, hurting the economies dependent on energy exports, including Iran, Russia and Venezuela.
In November 2014, the Organization of Petroleum Exporting Countries (OPEC) decided against cutting oil output levels, which was a contributing factor to an even larger slump in prices.
The current price of West Texas Intermediate Crude Oil is around $52, while Brent Crude Oil is about $58.
