(1) The link below is for World Bank’s World Commodity Market Outlook April 2020. It was released on May 1.
https://www.worldbank.org/en/research/commodity-markets
(2) Its sections on energy, and oil in particular, including Box 1, pp 24-30, are very much worth reading.
(3) It expects a price for oil (average of Brent, Dubai, and WTI) of $35/B for 2020 to rise to $42/B in 2021. This of course implies that the average prices, will increase during the rest of the year from their levels in April.
(4) It stipulates, however, that the downside risk (chiefly relating to the duration and severity of the Covid-19 pandemic) is higher than the upward risk.
(5) In the light of figures for Iraq’s oil exports in April, released by the Ministry of Oil, Iraq exported its oil at $13.8/B at the time when average price for Brent was $26.7/B and for OPEC Basket $17.6/B, in April.
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