International Monetary Fund raises forecast for 2023 oil prices

The International Monetary Fund (IMF) raised its forecast for average oil prices in 2023 to $80.49 per barrel from $76.43, and the forecast for 2024 was raised to $79.92 per barrel from $71.68, Report informs.

Oil prices are expected to decline by 16.5% in 2023 and by 0.7% in 2024.

According to the fund, in 2022 the price of oil increased by 39.2%, to $96.36 per barrel.

To calculate the average price of oil, the IMF uses futures prices for Brent, Fateh and WTI.