World Bank updates its oil price forecast

World Bank updates its oil price forecast
# 28 April 2023 12:58 (UTC +04:00)

The World Bank (WB) has updated its forecast for the price of oil in 2023 and 2024, APA-Economics reports citing WB's report on commodity prices.

According to WB, the price of Brent crude oil in U.S. dollars is expected to average $84 a barrel this year—down 16% from the 2022 average, and in 2024, it will be $86. This is 8% less and 6% more than the World Bank's October forecast, respectively.

Note that the World Bank predicted the price of oil for 2022 at $99.

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