Business CoverStories Commodity Prices To Fall Amid Slow Global Growth – World Bank
According to the international financial institution, energy prices are likely to drop in 2023 but remain higher than previously forecast, primarily reflecting an upward revision to coal prices. However, crude oil prices are projected to moderate to an average of $88 per barrel in the year under review, which is $4 per barrel below previous projections.
The World Bank Group attributed the downward revision to slower global growth and the subsequent weakness in oil demand in 2023, particularly in Europe. It noted that Russian oil exports are expected to fall in 2023 due to additional EU sanctions that started in December 2022 for crude oil and will begin in February 2023 for oil products.
For natural gas, the report titled “Global Economic Prospects”, predicted annual average prices to moderate in 2023. It also indicated that the demand for natural gas is expected to decline during the year as households and industrial users reduce consumption, while rapid growth in renewable energy generation will help moderate demand for natural gas for electricity generation.
However, the report noted that further price spikes are possible as exports from Russia are envisaged to remain significantly lower than before the onset of the war in Ukraine. Moreso, competition for liquefied natural gas is expected to remain intense at the global level, as European countries continue to import large volumes of LNG to replace lower imports from Russia..
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