Crude oil prices are expected to average 66 U.S. dollars a barrel in 2019 and 65 dollars in 2020, a downward revision from the previous forecast in October.
This is according to the World Bank's Commodity Markets Outlook Report. It cited weaker-than-expected global growth outlook and greater-than-anticipated U.S. production as the reasons behind the revision.
The report also pointed out that the impact of Washington's sanctions campaign to curb Iranian oil remains yet uncertain... as it isn't clear how quickly countries will comply, if they choose to comply at all.