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Global Oil Prices Tick Upward in April 2023, Amidst Rising Consumption Forecasts

Adi Ahdiat 04/05/2023 11:30 WIB

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According to World Bank data, in April 2023 the average global oil price increased by approximately 7% to 8% compared to the previous month.

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

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Global Oil Prices Tick Upward in April 2023, Amidst Rising Consumption Forecasts

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

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Global oil prices increased in April 2023, but the rise was not significant.

According to World Bank data, the average Brent crude oil price in April 2023 reached USD 84.11 per barrel, a 7% increase compared to the previous month (month-on-month/mom).

During the same period, the West Texas Intermediate (WTI) crude oil price also rose by 8% (mom) to USD 79.44 per barrel.

Despite this strengthening, the World Bank projects that oil prices this year will 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," stated the World Bank in its April 2023 Commodity Markets Outlook report.

Although lower, the Brent crude oil price in 2023 is predicted to remain higher than in 2015-2019, when the average price was only USD 57 per barrel.

The World Bank estimates that global oil consumption this year will increase by about 2% compared to last year. The main driving factors are the recovery of China's industrial activity and the increased demand for transportation fuel.

Global oil production in 2023 is also projected to increase by 1.2% compared to last year. However, several conditions could result in lower-than-expected production.

"Investment by oil producers outside OPEC+ may be disappointing, given the shift in demand due to the fossil fuel energy transition," said the World Bank.

"Production in older oil fields is declining by about 9% per year, and new investment is needed to maintain current production levels," 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 Tick Upward in April 2023, Amidst Rising Consumption Forecasts

Global Oil Prices Tick Upward in April 2023, Amidst Rising Consumption Forecasts

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