The World Bank (WB) saw that crude oil prices are estimated in average US$66 per barrel in 2019 and then decline to US$65 per barrel in 2020, a downward revision of the October 2018 forecast due to the prospect of weaker global growth and greater than expected US production.

The outlook for oil, said World Bank, could be swayed by a range of policy outcomes, including whether the Organization of the Petroleum Exporting Countries (OPEC) and partners extend production cuts, the impact of the removal of waivers to the United States sanctions on Iran, and looming changes in marine fuel emissions regulations.

After a drop in late 2018, oil prices have risen steadily since the start of the year, as OPEC and partners have cut production, and output has declined in Venezuela and Iran.