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.
"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.