Crude oil prices will slide by 24.1% to an average $73.1 a barrel in 2023, the International Monetary Fund has stated in its April 2023 World Economic Outlook Report.<\/p>\n\n\n\n
This is from $96.4 in 2022.<\/p>\n\n\n\n
The Fund also said oil prices will continue to fall in the coming years to $65.4 in 2026.<\/p>\n\n\n\n
\u201cUncertainty around this price outlook is elevated in part due to the uncertain rebound in China\u2019s growth, as well as the energy transition\u201d, it stated.<\/p>\n\n\n\n
Crude oil prices retreated by 15.7% between August 2022 and February 2023 as the slowing global economy weakened demand.<\/p>\n\n\n\n
China experienced its first annual decline in oil consumption this century amid repeated shutdowns in response to COVID-19 outbreaks and a faltering real estate market.<\/p>\n\n\n\n
Recession fears due to higher-than-expected inflation and tighter monetary policy in many major economies and banking woes sparked concerns about flagging demand.<\/p>\n\n\n\n
On the supply side, the report said uncertainty over the effects of Western sanctions on Russian crude oil exports whipsawed expectations about global market balances.<\/p>\n\n\n\n
\u201cAs of March, Russian crude oil exports had held steady since implementation of the Group of Seven (G7) price cap and ban on crude oil imports on December 5 [2023]. Russia rerouted its oil, reportedly sold at a major discount to Brent oil prices, to nonsanctioning countries, primarily India and China\u201d.<\/p>\n\n\n\n
Also, the report stated that downside supply risks did not materialize until Russia\u2019s recent announcement of a modest production reduction.<\/p>\n\n\n\n
A sizable release of strategic petroleum reserves by Organisation for Economic Co-operation and Development member countries also helped keep oil markets well supplied, in part offsetting underproduction and reduced targets by OPEC+ (Organization of the Petroleum Exporting Countries plus selected nonmember countries).<\/p>\n\n\n\n
adomonline<\/p>\n","protected":false},"excerpt":{"rendered":"
Crude oil prices will slide by 24.1% to an average $73.1 a barrel in 2023, the International Monetary Fund has stated in its April 2023 World Economic Outlook Report. This is from $96.4 in 2022. The Fund also said oil prices will continue to fall in the coming years to $65.4 in 2026. \u201cUncertainty around […]<\/p>\n","protected":false},"author":8,"featured_media":31087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61,43,1],"tags":[8348,7682,13263,5222,5200,5499,9375,11337,9198,5196,5494,9127,9643,462,6543,5060,5440,6546,10954,2183,10742,5441,1761,8159,5081,12103,10390,12273,6069,6431,7540,3457,5217,5713,3954,36],"class_list":["post-31086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-local-news","category-news","tag-ban","tag-brent","tag-cap","tag-covid","tag-covid-19","tag-crude-oil","tag-decline","tag-demand","tag-economies","tag-economy","tag-energy","tag-february","tag-fund","tag-g7","tag-growth","tag-imf","tag-india","tag-inflation","tag-international","tag-international-monetary-fund","tag-market","tag-oil","tag-oil-prices","tag-opec","tag-petroleum","tag-price","tag-prices","tag-real-estate","tag-recession","tag-release","tag-reserves","tag-russia","tag-russian","tag-sanctions","tag-will","tag-world"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/31086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=31086"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/31086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/31087"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=31086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=31086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=31086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}