The World Bank raises its oil price forecast to $ 74 per barrel in 2022

Energy prices are expected to rise in 2022 after witnessing a more than 80% rise in 2021, the World Bank said Thursday in its latest commodity market outlook report. prime, increasing the main short-term risks to global inflation in many countries in via of development.

The bank predicted crude oil prices would hit $ 74 per barrel in 2022, driven by strong demand. in increase compared to expectations of questyear of $ 70 a barrel, before falling to $ 65 a barrel in 2023.

The World Bank added that energy prices are expected to begin to decline in the second half of next year as supply pressures ease, and it also expected prices of other materials prime not energetic like materials prime agricultural and metals declined after making strong gains quest’year.

“Rising energy prices pose short-term risks to global inflation and, if it continues, will put pressure on the growth of energy-importing countries,” said Ayhan Kose, chief economist and director of economic forecasts at the World Bank, which is issuing the report.

“The sharp rise in material prices prime became more evident than expected in precedence. Recent price fluctuations can complicate policy options as countries recover from the recession the world witnessed last year, “he said.

The World Bank has warned that energy prices could rise further in the near term given the current low level of inventories and continued supply bottlenecks.

He added that other risk factors include extremely adverse weather conditions, uneven recovery from Covid-19 between countries, the risk of new outbreaks, as well as disruptions in supply chains and developments in environmental policies.

The World Bank said that rising food prices also increase commodity inflation prime food and raises questions about food safety in many countries in via of development.

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