The World Bank predicted that global oil prices will average $90 per barrel in the fourth quarter of 2023 and that average prices will fall to $81 during the year as a whole as demand slows. He warned that the escalation of aggression on Gaza and its expansion would push prices to a significant rise.
The World Bank warns of three risk possibilities, with the possibility of "easy disruption" pushing oil prices to a range of $93-$102 per barrel in the fourth quarter. The prospect of "moderate disruption" would reduce global oil supplies by between 3 million and 5 million barrels per day, pushing prices up to between $109 and $121 a barrel. The prospect of a "big disruption" would initially send prices to between $140 and $157 a barrel, a jump of up to 75 percent.
Source (Al Jazeera.net Website, Edited)
