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DNB expects significantly lower oil price in 2014

DNB Markets expects a significant decline in the price of oil in 2014, according to a new report by the major Norwegian bank. Increasing oil supplies from non-OPEC countries, in particular, could push down the price.

Photo: Casper Dalhoff

In a new report about the 2014 oil market DNB points to good news for shipowners tired of towering fuel prices. The analysts expect a significantly lower average oil price in 2014 than in 2013.

"We forecast that oil prices will continue to slide lower on average in 2014, just like they have done so far in 2013. Non-OPEC supply growth is forecasted to outpace global oil demand growth, creating a need for less oil from OPEC. Geopolitical risk will however likely continue to be supportive for oil prices also in 2014," says DNB.

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