World Bank increased its oil price forecast up to $84

World Bank increased its oil price forecast up to $84
# 19 June 2024 12:23 (UTC +04:00)

World Bank has forecasted the price of oil for the year 2024 to be up to $84/bbl, and for 2025 to be up to $79/bbl in the June issue of its "Global Economic Prospects" report, APA-Economics reports.

The forecast for the year 2026 has been set at $78.1bbl.

This is 3% and 1% higher than the WB's January forecast, respectively.

The World Bank noted that oil prices have fluctuated this year, trending substantially higher in April in the context of escalating tensions in the Middle East, but subsequently pulling back

"Against a backdrop of continued geopolitical risks, the average price of Brent oil is forecast to be slightly higher this year than last, at $84/bbl, before receding to $79/bbl in 2025 amid the partial unwind of OPEC+ supply cuts and expanding non-OPEC+ production. The near-term oil price forecast is notably uncertain, however, given the potential for price spikes resulting from conflictrelated supply disruptions," said the report of the World Bank.

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