Oil, Natural Gas and Coal likely to rise by twenty percent: World Bank

INDORE, India - April 25, 2018 - PRLog -- The World Bank has said in a report that prices for energy commodities such as oil, natural gas and coal are expected to jump by a massive 20 percent rise this year. The rise in the energy prices is expected to have unfavorable impact on India, as the country is greatly dependent on import of major energy commodities.

The World Bank said in its the Commodity Markets Outlook of April, which was  released on 24 April, 2018, indicates that the latest World Bank forecast is a 16 percent point upward revision from October's outlook.

Oil prices are predicted to average USD 65 per barrel over 2018, up from an average of USD 53 per barrel in 2017, on strong demand from consumers and restraint by oil producers. However, metals prices are expected to rise 9% this year, also on a pickup in demand and supply constraints, according to World Bank.

As per the report, Agricultural commodities, which includes food commodities and raw materials, are expected to witness a price rise of over 2% this year on diminished planting prospects, while weather disruptions are likely to be minimal.

As per World Bank, oil prices are expected to average USD 65 per barrel over 2019 as well. Even though prices are projected to turn down from April 2018 levels, they should be supported by sustained production control by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers and strong demand.

Coal prices rose 4% in the first quarter, Q-o-Q, following a surge of 34% in 2017, primarily on account of strong consumption in China driven by cold weather, low inventories and production constraints, the report added.

Coal prices are expected to average USD 85 per mt in 2018, down slightly from 2017, as inventories are refilled and consumption is reduced.

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