Oil prices to fall another US$10 a barrel in 2016: World Bank

Tokyo

THE World Bank predicted on Tuesday that the international price of oil could fall further by as much as US$10 a barrel next year, as a result of the lifting of sanctions related to Iran's nuclear programme.

It said in its Middle East North Africa (MENA) Quarterly Economic Brief titled "Economic Implications of Lifting Sanctions on Iran" that when Iran makes a full return to the global oil market, eventually adding about a million barrels of oil a day, prices would fall by that much more.

The prospect of oil prices falling further comes after they have already plunged by about half from their level in the middle of last year to around US$50 a barr…