Business | Oil & Gas

World Bank sees oil prices receding to $99 in 2009

Global oil prices will average $108 per barrel in 2008 and in 2009, and slow marginally to average $99 a barrel, the World Bank said in a report on Tuesday.

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 00:03 June 11, 2008
  • Gulf News

Abu Dhabi: Global oil prices will average $108 per barrel in 2008 and in 2009, and slow marginally to average $99 a barrel, the World Bank said in a report on Tuesday.

"This is tied to a strong demand in emerging markets, shortfall in non-Opec supply and restraint exercised by the Opec (Organisation of Petroleum Exporting Countries) itself," the report cited as the reasons for high oil prices.

Turning to the medium term outlook for economic growth in the Middle East and North Africa, the World Bank said, "Growth in the region is viewed to ease gradually from a peak of 5.7 per cent in 2007 to 5.1 per cent by 2010, largely as hydrocarbon output and non-oil GDP gains among the oil exporters, particularly the Islamic Republic of Iran, diminish."

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