World Bank projects $84 per barrel average crude oil price in 2023

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Washington, Oct. 30, 2023 -The price of crude oil benchmark, Brent, will average $84 per barrel in 2023, the World Bank has projected.

The bank gave the projection in its Commodity Markets Outlook published on Monday.

The World Bank said Brent prices were estimated to average $84 per barrel in 2023, tapering further in 2024 due to global growth weakening.

It, however, projected that the prices would stabilise in 2025 as both demand and supply recover.   

The World Bank also reported a 9% rise in its third quarter of 2023 Energy Price Index primarily driven by an 11% increase in oil prices, making up a significant portion of nearly 80% of the index.

This increase came after OPEC+ supply cuts, leading to an effective withdrawal of an additional 1% of total supply from July 2023 onwards. (GBN)

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