World Bank's 2025 Oil Price Projection

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Adi Ahdiat 31/10/2024 15:40 WIB

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The World Bank projects that the average price of crude oil in 2025 will fall by 8.8% compared to this year. However, the price risks a sharp increase if there is an escalation of conflict in the Midd

Average Projected Brent Crude Oil Price per Year (2022-2025)*

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Average Projected Brent Crude Oil Price per Year (2022-2025)*

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The World Bank projects the average Brent crude oil price in 2025 to reach US$73 per barrel.

This is an 8.8% decrease compared to 2024, which is projected to average US$80 per barrel.

This projected price decline is based on the assumption that global oil production in 2025 will grow faster than consumption.

"Global oil supply in 2025 is projected to increase by 2 million barrels per day compared to 2024, while global oil consumption will increase by 1 million barrels per day," stated the World Bank in its October 2024 edition of the *Commodity Markets Outlook* report.

However, the World Bank notes that oil prices could rise beyond expectations due to geopolitical conflicts.

"The above forecast does not take into account an escalation of ongoing conflicts. Any significant expansion of conflicts in oil-producing countries in the Middle East could pose a significant risk, leading to a sharp and sustained increase in oil prices," they stated.

"Other risks that could increase prices are if US oil producers fail to meet production targets, and if Chinese oil consumption is higher than projected," they 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."