IMF raises oil price forecast by 40%

The International Monetary Fund (IMF) raised its forecast for the average price of an oil barrel by 40.3% in 2022 and by 35.4% in 2023.

Report informs citing the IMF statement following the consultations on Article IV held in Baku from May 25 to June 7, that the average oil price this year will be $108.5, and next year it is projected at $96.5.

The forecast for this year is $37.4 or 52.6% more than the previous one.

According to the IMF forecast, the average price of one barrel of oil in 2024 will be $85.7, which is $10.8 or 11.2% lower than the 2023 forecast.

The January report of the International Monetary Fund on the global economic growth, expected the average oil price to increase by 11.9% compared to the previous year and amount to $77.31 per barrel in 2022 and $71.29 dollars in 2023.