- The World Bank has predicted that energy prices will decline by 11% in 2023 after having surged 60% in the current year following Russia’s invasion of Ukraine.
- The WB further predicted that Russia’s oil exports could drop by as much as 2 million barrels per day due to the EU’s sanctions on Russian oil products, coupled with restrictions on insurance and shipping, due to take effect on Dec. 5.
- The analysts note that commodity prices have declined from very high levels earlier in 2022, but have predicted that prices are likely to remain cyclically strong through 2023.
World Bank: Energy Prices Set To Decline In 2023 After Sharp Rise In 2022
