World Bank Predicts 2023 Oil Prices Will Be Lower Than Last Year

Market

Lite

Adi Ahdiat 04/05/2023 11:58 WIB

URL has been copied

Memuat...

The World Bank projects the average Brent crude oil price in 2023 to fall to USD 84 per barrel, lower than last year's average of USD 99.8 per barrel.

World Bank Projection of Average Brent Crude Oil Prices (2020-2024)

A Font Kecil
A Font Sedang
A Font Besar

Access single data

World Bank Predicts 2023 Oil Prices Will Be Lower Than Last Year

Want to get more access to Data Stories with a more affordable price? Subscribe.

By subscribing, you join us in presenting quality data.

Get:

Premium Data Stories access
Comfortable reading without ads
Download data in XLS, PDF, and image format
Access to data source information

Basic

~~Rp100.000~~

Rp50.000/month

Professional

~~Rp100.000~~

Rp150.000/month

Institutional For organizations

We accept the following payments:

Some payment methods are still in the process of being activated.

World Bank Projection of Average Brent Crude Oil Prices (2020-2024)

Download

Source

A Small Font
A Medium Font
A Bigger Font

The 2022 Russia-Ukraine war triggered an energy supply crisis in many countries, leading to a surge in global oil prices.

However, even though the war is still ongoing, oil prices in 2023 are predicted to be lower than last year.

In its April 2023 edition of the *Commodity Markets Outlook* report, the World Bank projects the average Brent crude oil price this year to be at USD 84 per barrel.

This figure is lower than in 2022, which averaged USD 99.8 per barrel.

Despite the decrease, the Brent crude oil price in 2023 is still predicted to be higher than in 2015-2019, which averaged only USD 57 per barrel.

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

Global oil production in 2023 is projected to increase by 1.2% compared to last year. However, several conditions could lead to 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."