The World Bank has slightly raised its 2017 crude oil price forecast to $55 a barrel from $53 a barrel as members of oil cartel Opec prepare to limit production, after a long period of unrestrained output. Oil prices are expected to average $43 a barrel in 2016, unchanged from the July projection. SA is a major oil importer, and higher oil prices, coupled with a weak rand, indicate that domestic fuel prices will increase further. As it is, the petrol price is likely to rise 48c/l and diesel 65c/l in November, according to the latest Department of Energy estimates. Energy prices, which include oil, natural gas and coal, are projected to jump almost 25% overall in 2017, a larger increase than anticipated in July, the World Bank said in its latest Commodity Markets Outlook report, released on Thursday. "We expect a solid rise in energy prices, led by oil, next year," World Bank senior economist and commodity markets outlook lead author John Baffes said. "However, there is considerable ...
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