Oil prices to average $56 a barrel in 2018, up from 2017 average of $53/bbl

Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilizing U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said on Thursday.

Prices for energy commodities – which include oil, natural gas, and coal — are forecast to climb 4 percent in 2018 after a 28 percent leap this year, the World Bank said in its October Commodity Markets Outlook. The metals index is expected to stabilize in the coming year, after a 22 percent jump this year as a correction in iron ore prices is offset by increased prices in other base metals. Prices for agricultural commodities, including food commodities and raw materials, are anticipated to recede modestly in 2017 and edge up next year.

“Energy prices are recovering in response to steady demand and falling stocks, but much depends on whether oil producers seek to extend production cuts,” said John Baffes, Senior Economist and lead author of the Commodity Markets Outlook. “Developments in China will play an important role in the price trajectory for metals.”

The oil price forecast is a small downward revision from the April outlook and is subject to risks. Supplies from producers such as Libya, Nigeria, and Venezuela could be volatile. Members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers could agree to cut production further, maintaining upward pressure on prices.

However, failure to renew the agreement could drive prices down, as could increased production from the U.S. shale oil industry. Natural gas prices are expected to rise 3 percent in 2018, while coal prices are seen retreating following a climb of nearly 30 percent in 2017. China’s environmental policies are anticipated to be a key factor determining future trends in coal markets.

Iron ore prices are forecast to tumble 10 percent in the coming year but tight supply should push up prices for base metals including lead, nickel and zinc.  Downside risks to the forecast include slower-than-anticipated demand from China, or an easing of production restrictions on China’s heavy industries.

Gold prices are anticipated to ease next year on expectations of higher U.S. interest rates.

Agriculture prices are expected to edge up in 2018 due to reduced supplies, with grain and oils and meals prices rising marginally. Agricultural commodities markets are well-supplied and the stocks-to-use ratios (a measure of how well supplied markets are) of some grains are forecast to be at multi-year highs.

However, favorable weather patterns, well-supplied global food markets, and relatively low world prices do not necessarily imply ample food availability everywhere. Drought conditions that are by some accounts the worst in 60 years, have caused crops failures in parts of Ethiopia, Somalia and Kenya and led to severe food shortages. Conflicts in South Sudan, Yemen and Nigeria have driven millions of people from their homes and left millions more in need of emergency food.

The World Bank’s Commodity Markets Outlook provides detailed market analysis for major commodity groups, including energy, metals, agriculture, precious metals, and fertilizers. The report includes price forecasts to 2030 for more than 45 commodities. It also provides historical price data and supply, demand, and trade balances for most commodities.

SOURCE: https://brandspurng.com/commodity-prices-likely-to-rise-further-in-2018-oil-supply-from-nigeria-could-be-volatile-world-bank/

Buhari these wasn't what you and your ministers promise us

Further breakdown.

And the country Nigeria has yet to do anything concrete to cushion future shock. Keep yelling oyel money upandan...

LoL

Buhari sef

Buhari

Our oil don hear am for this people hand

not surprised

The irony is that when oil price rise it is good for the economy but not favorable to the Nigerian people cos we buy refined oil which will b relatively high in price.

Commodity rise isnt a threat to us any longer ....we have witnessed worst and God has seen us through, the only threat is this present administration coming back in 2019, then we go know say na one corner dance we dey 4 dis country.

Allrice

I was thinking if this Buhari can do anythin meaningfu wt $4pb. Buhari the most confused administration.
ATICULATEfor2019

Lol.. ....guess work

Ok

What does one expect when the evil called buhari is still in power!

Until the evil call buhari leave. Nigeria cannot witness any meaningful development.

If you doubt me go and read what the government of the dullard was like in 1980s. A leopard does not change its skin.

All these are stories.
Simply put a war in a producing country and watch the rate Spike up real quick like biatch about to cumm

My fear is that buhari might be used as a lab rat, he won't see it coming. The western would keep giving him bad advice and snitching on him.

What's the point of telling us Buhari wanted the World Bank to focus on the north in an already tensed up country just coming off the python dance??

They would only make us fight for their own gains
As I type this, American oil majors operating in Nigeria are renewing export contract for another 4years firm + 1 possible extension at company's discretion.

If only ignorant people know that this export terminals are located offshore where a bullet won't be shot, and their lifting operations would not be stopped. we would end up killing ourselves ashore while the whites lift our collective wealth with reckless abandon offshore.

The few lucky Nigerians would send their wards outa the country, go check their passport they all have something in common, a UK or American visa and you don't even have a passport!

All you do is choose names with python on Nairaland and attack people you don't know, the same people that stuck their neck on the line to import cheap low end phones for your to browse the internet hence you would be wallowing in one outdated library in Ibadan

more money to be looted by baru and buhari.anyway, such predictions are unreliable.

I need people we can go into project together

Government and individuals should prioritise investment in agricultural sector as there is going to be huge demand for livestock and grains.

Let there be concerted efforts to resolve the farmers vs pastoralists clashes that's affecting our food production.

Is that another way of saying that recession continues?
Let me quickly go and buy rice

This man no go rest till he kills everybody in this country.

Buhari is a blind man ruling the deft

How does diz affect price of commody , all diz useless blogger won give food for hater of buari ....



God bless me

GOD bless buari

GOD bless u as u click LIKE

Mrchippychappy:






Buhari fire dey go. I wish this man runs for office come 2023. He deserves 3 terms. [b]By the time Bubu is done with Nigeria, our excess population would be a thing of the past!

[/b]

Everybody don turn to Lekpa* for Nigeria

Not again...

I dey plan to settle down next year but with this kind news, na vision 2020 e go be now, when the economy is assured.

Somebody should just give Jubrin a bucket to kick.

Tomorrow OSIBADE will tell us that Jonathan is d reason for d hike in price of commodity Jonathan dolls our N100 billions and $300 millions and Buhari with he's supporters well continue to claps for him, shame of d shame

Actually I did not read the post but I think the girl has no right to beat up her boyfriend in public. Maybe they should report the matter to their village elders but if the neighbour refuse to pay his rent they should just kill the landlord and forget about the missing car.



make una no mind me jare. check my signature

phreakabit:
Recession part 2

LMAO WTF?!