European Commission predicts 2023 price of Brent to be $84.8 per barrel

The average exchange price for North Sea Brent oil will be $84.8 per barrel this year, Report informs with reference to the updated forecast of the European Commission (EC).

The previous analysis assumed an average price of $85.

"The European Union expects the average price of Brent oil will be $84.8 per barrel this year. In 2024, the price of Brent will be $79.9 per barrel," the forecast says.

At the same time, the estimate states that the anti-Russian commodity sanctions imposed by Western countries, including embargoes and price caps for Russian oil, did not lead to increased tension in the global energy market.