World Bank Projects Higher Oil Prices in 2024 Than Last Year

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Adi Ahdiat 29/04/2024 13:39 WIB

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The World Bank projects the average Brent crude oil price in 2024 to reach US$84 per barrel, a 1.7% increase compared to 2023. However, a higher price increase is possible if the conflict escalates.

Average Projected Brent Crude Oil Price per Year (2021-2024)*

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World Bank Projects Higher Oil Prices in 2024 Than Last Year

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Average Projected Brent Crude Oil Price per Year (2021-2024)*

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The World Bank projects the average Brent crude oil price in 2024 to reach US$84 per barrel.

This is a 1.7% increase compared to last year's average of US$82.6 per barrel.

However, the World Bank made this projection assuming no escalation of the Israel-Palestine or Russia-Ukraine conflicts.

Should an escalation occur, oil prices could rise higher than projected.

"The possibility of an expanding conflict in the Middle East is a crucial risk factor for oil prices, and will most likely determine oil price movements in the short term," stated the World Bank in its April 2024 edition of the *Commodity Markets Outlook* report.

"Recent attacks on Russian oil refining facilities also demonstrate that unforeseen events related to the Russian invasion of Ukraine can trigger oil market volatility," it continued.

Generally, the World Bank assesses that an escalation of conflicts involving oil-producing countries could result in extraction and export obstacles, thus impacting a reduction in the global oil supply.

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."