Oil prices grew by 3.23 percent in July modestly rebounding from a 7.47 percent drop in June. Since January 2016, when the price of Brent crude reached a 12-year low, oil prices have rebounded by 50 percent and nearly reached last year's average of $46.99 per barrel. Barring any market surprises, a further recovery of oil prices hinges on a reduction of oil production by OPEC member states in the fourth quarter.
Fluctuations in global crude oil prices have always been the focus of the economic and financial news. The higher crude oil prices rise, the more positive is the economic outlook for petroleum exporters. In contrast, 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.
Leading international agencies made the following oil price predictions during the first half of this year:
View more energy statistics and visualizations related to energy, including the estimated breakeven cost of oil production by country, natural gas price dynamics and insights from the BP Energy Outlook 2035, 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:
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.
It's a one pager PDF full of live links to energy-related data, statistics, and dashboards from leading industry sources. It will be a useful resource for any analyst, business executive, or researcher with an interest in the oil & gas industry, energy companies, biofuels and much more.