WASHINGTON, Oct 30 — The World Bank said today it expected global oil prices to average US$90 (RM428) a barrel in the fourth quarter and fall to an average of US$81 in 2023 as...
The World Bank said today it expected global oil prices to average US$90 a barrel in the fourth quarter and fall to an average of US$81 in 2023 as slowing growth eases demand, but warned that an escalation of the latest Middle East conflict could spike prices significantly higher.
A “medium disruption” scenario — roughly equivalent to the Iraq war in 2003 — would cut global oil supplies by 3 million to 5 million bpd, pushing prices to between US$109 and US$121 per barrel. Oil production and exports from Russia have been relatively stable this year despite Western-imposed embargoes on Russian crude to punish Moscow over its invasion of Ukraine, the World Bank said.Russia’s exports to the European Union, the US, Britain and other Western countries fell by 53 percentage points between 2021 and 2023, but these have been largely replaced with increased exports to China, India and Turkey — up 40 percentage points over the same period.
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