Oil prices are forecast to remain close to current levels and average $44/ bbl in 2021 before rising to $50/bbl in 2022, APA reports citing World Bank.
The main risk to this forecast relates to the evolution of the pandemic, with oil demand particularly susceptible to lockdown measures and reduced mobility; however, positive vaccine news has reduced this risk somewhat.
It should be noted that crude oil prices averaged $41/bbl in 2020, a 34% fall from 2019. The World Bank takes the oil price as the simple average of Brent, Dubai, and West Texas Intermediate prices.
Note that Azerbaijan set oil price in State Budget for 2021 at $40/bbl.
The main risk to this forecast relates to the evolution of the pandemic, with oil demand particularly susceptible to lockdown measures and reduced mobility; however, positive vaccine news has reduced this risk somewhat.
It should be noted that crude oil prices averaged $41/bbl in 2020, a 34% fall from 2019. The World Bank takes the oil price as the simple average of Brent, Dubai, and West Texas Intermediate prices.
Note that Azerbaijan set oil price in State Budget for 2021 at $40/bbl.
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