Global Oil Prices Plunge 10% in May 2023: What's the Outlook?

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Adi Ahdiat 08/06/2023 14:30 WIB

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According to World Bank data, in May 2023, the average price of Brent and WTI crude oil fell by approximately 10% compared to the previous month, and weakened by about 30% compared to a year earlier.

Average Monthly Global Oil Prices (January 2020-May 2023)

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Average Monthly Global Oil Prices (January 2020-May 2023)

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According to World Bank data, the average Brent crude oil price in May 2023 reached USD 75.70 per barrel, down approximately 10% month-on-month (mom).

During the same period, the price of West Texas Intermediate (WTI) crude oil also weakened by about 10% (mom) to USD 71.59 per barrel.

Compared to May 2022, the average Brent oil price in May 2023 had fallen by approximately 33% year-on-year (yoy), and WTI fell by 31% (yoy).

This is in line with the World Bank's projection, which stated that oil prices in 2023 would be lower than last year.

"The average Brent crude oil price in 2023 is estimated at USD 84 per barrel, down from 2022's average of almost USD 100 per barrel," the World Bank said in its April 2023 Commodity Markets Outlook report.

On the other hand, the U.S. Energy Information Administration (EIA) predicts that oil prices will tend to be volatile from the end of this year.

This is because on June 4, 2023, the Organization of the Petroleum Exporting Countries and its allies, OPEC+, announced that they would extend their crude oil production cuts until 2024.

"We expect global oil inventories to decline slightly over the next five quarters," the EIA said in its June 6, 2023 Short-Term Energy Outlook report.

"We expect this (OPEC+ production cut) will drive up crude oil prices, especially in late 2023 and early 2024," it continued.

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."

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Global Oil Prices Plunge 10% in May 2023: What's the Outlook?

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