World oil prices will not fall until 2023

The impressive global oil prices are threatening economic growth and could not be reversed until 2023, the World Bank said Thursday.

The average commodity price, which is 70 percent higher than in 2020, will end the year at $ 70 a barrel, according to the latest Commodity Markets Outlook.

This is pushing up other energy prices, such as natural gas, the report said.

“Energy inflation poses a serious threat to global inflation in the near future and could boost the growth of energy-producing countries,” said Ayhan Kosse, chief economist at the World Bank.

The increases are “more pronounced than previously thought” and “may complicate policy elections as countries recover from last year’s global setback.”

Oil prices have risen by more than $ 80 a barrel in recent weeks, the highest point in years following the outbreak of the epidemic and the reopening of the economy in the wake of transportation.

The World Bank says it uses average Brent, West Texas Central and Dubai, which are expected to remain high in 2022 but will begin to reduce supply shortages by the second half of the year.

A.D. By 2022, the average could rise to $ 74 before falling to $ 65, according to the World Bank.

However, the report warns that “very low prices and further supply bottlenecks may occur in the near future.”

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