The World Bank (WB) lowered the forecast for the price of a barrel of oil in 2019 and 2020 to $ 66 and $ 65 respectively, the report said.

The outlook for the global economy: rising tensions, a fall in investment, TASS reported.

According to report, oil prices will average $66 per barrel in 2019 and $65 per barrel in 2020, which is a slight downward revision compared with January estimates and reflects a weakening of global activity.

In the first half of this year, oil prices recovered, averaging $ 64 per barrel, helped by agreements by OPEC countries and its partners, as well as the US decision to make exceptions to oil sanctions against Iran, the reported noted adding that Saudi Arabia contributed most to the decline in oil supplies, reducing its production by 1 million barrels per day compared with the end of 2018, while Russia reduced production by 0.2 million barrels per day.

The US oil production continued to grow, and the country has maintained its position as the world's largest oil producer. Oil production in Venezuela continues to decline and amounted to about 0.8 million barrels per day by mid-2019 compared with 1.4 million barrels per day in 2018.

OPEC and other non-cartel oil producers in December last year agreed to cut production by 1.2 million barrels per day compared to October 2018. According to this decision, the 11 OPEC countries participating in the agreement should reduce production by 812 thousand barrels per day - to 25.94 million barrels. Under the deal, ten non-OPEC countries should reduce production by 383 thousand barrels per day to 17.937 million barrels per day.