Oil prices may rise to more than $50 per barrel next year, the World Bank has reported.

The World Bank says the prices are expected to be $43 per barrel on average this year, as the market continues to stabilize.

South Sudan depends 98% on oil production as a major source of income.

Palouch oilfields are currently producing 130,000 barrels per day, according to the ministry of petroleum.

In 2016 quarterly World Bank report, production costs have fallen significantly with the collapse in oil prices over the past two years.

It says the largest player in the global crude oil market, known as the Organizations of the Petroleum Producing Countries, OPEC, has agreed to control oil production levels to stabilize prices.

The World Bank made the projection of the prices in its Commodity Markets Outlook, which is published quarterly annually.

In its report for this month, it says efforts to manage world commodity markets to achieve price objectives have not been unique to the oil market.

Prices of other energy materials such as metals, Zinc, and lead are also expected to increase in 2017.