The World Bank lowered its oil price forecasts for 2015 and 2016 on Tuesday. The lender expect the crude oil prices to be $52 per barrel in 2015, down from its July estimate of $57 per barrel. Crude oil prices are expected to be $51 per barrel in 2016.

The World Bank said that the downward revision was driven by a slowdown in the global economy, high current oil inventories, and expectations that Iran will boost its oil exports.