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European Commission raises outlook for average annual oil price for 2022-2023
Energy
- 14 July, 2022
- 11:18
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The European Commission raised its forecast for the average annual oil price for the current year to $108 per barrel, Report informs, citing EC's summer economic forecast.
According to forecasts, in 2023 the price of oil is expected at $96 per barrel compared to the previous spring forecast.
Oil prices are expected to average $108/bbl in 2022 and $96/bbl in 2023. This is marginally higher in both years than expected in the spring, but significantly higher than $71/bbl in 2021, the document reads.
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