World Bank Predicts Oil Price Drop by 2025 Amidst Slowing Economy

Economics & Macro

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Adi Ahdiat 02/05/2025 16:40 WIB

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The World Bank projects that the average Brent crude oil price in 2025 will fall by 21% compared to last year, driven by the risk of a global economic slowdown.

Average Projected Brent Crude Oil Price per Year (2015-2025)*

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Average Projected Brent Crude Oil Price per Year (2015-2025)*

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In its April 2025 *Commodity Markets Outlook*, the World Bank projects the average Brent crude oil price this year to reach US$64/barrel.

This is down approximately 21% compared to the average price in 2024, and represents the lowest level since the Covid-19 pandemic ended.

The World Bank sees various factors that could suppress oil prices, primarily due to weak demand.

"The main driver of weak oil demand this year is slowing economic growth," the World Bank stated in its April 2025 *Commodity Markets Outlook*.

"A sharp slowdown in global economic growth is a major risk, especially if it affects countries previously expected to drive oil demand growth," it continued.

The World Bank also assesses that weak oil demand is due to decreasing intensity of its use in global economic activity, as well as an increase in the adoption of electric vehicles.

"In China, the world's largest automotive market, more than 40% of new cars purchased in 2024 were battery-electric or hybrid vehicles, a nearly threefold increase from 2021," they stated.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."