froz:
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/

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

phreakabit:
Recession part 2

oka4ugoo:
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.

bidierichie:
I think its better for us so that our government head will come correct, because its like vision and forecasting has elude them. Im loving it

GavelSlam:
Too many uneducated people on this forum and it's extremely sad they are the ones who rush to comment.

Even what is evidently good news, one has turned to bad, screaming "recession loading".

The good news is that the price of oil is expected to rise in 2018 as already witnessed at the tail end of this year already.

The skeptical outlook is whether Nigeria can sustain its output either by production or fulfilment of OPEC's quota which could be reviewed downwards for the country.

ENG1110:


The first page is an embarrassment to Nigeria's education. Look at the first comment with 8 likes. Nobody reads the content again, just the topic. Such a big shame.

GavelSlam:


This one would say he's a graduate.

bidierichie:



Imagine toad speaking about graduate. I guess you need brain surgery to reason well.

You cant look beyond what you see. You need help sir

bidierichie:



Imagine toad speaking about graduate. I guess you need brain surgery to reason well.

You cant look beyond what you see. You need help sir

GavelSlam:


I can categorically conclude you are a near-illiterate and highly parochial.

How can you see cautionary good news as bad, if you are not an illiterate?

Clearly written, next year should see higher costs in commodities but I'm sure you think it means price of garri and okporoko.

Illiterate.

hola106:
I need people we can go into project together

GavelSlam:


Please what's bad about the news you read?

adjoviomole:




What kinda project are you looking for or have on ground?

hola106:
chat me on whatsapp