The World Bank on Wednesday said it expects energy prices to decline 11% in 2023 after a 60% surge in 2022, with slower global growth and continued COVID restrictions in China posing key downside risks.
The bank in its latest Commodity Markets Outlook projected a Brent crude average price of $92 a barrel in 2023, easing to $80 in 2024 but well above the five-year average of $60.
