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Oil prices to stabilise around $84 per barrel in 2023 – Fitch Solutions

  • SOURCE: Reporting Oil and Gas | Editor
    • POSTED ON: August 29, 2023

    Oil prices are expected to hover around $84 per barrel throughout the remainder of the year.

    According to Global Economist, Emerging Markets at Fitch Solutions, John Ashbourne, this projection is attributed to factors in the global economy, notably the impact of events like the Russian invasion of Ukraine

    John Ashbourne, said the prices of crude oil will, however, rise slightly in 2024.

    The economist was speaking on “Emerging Market Monetary Policy, Understanding the Pivot”.

    Oil prices in dollars per barrel was a huge kick in 2022 with the Russian invasion of Ukraine. Since then, oil prices have gone down a bit, so oil prices will stabilize around $83-84 per barrel.”

    “This shows the change in commodity prices between each of these years compared to the preceding years. So, in 2022, the average price in 2022 is compared to the price in 2021. In 2023 is compared to 2022 and so on”, he added.

    The average cost of Brent crude oil in 2022 stood at $100.93 per barrel, while in 2021, it averaged $70.86 per barrel, with the price of $41.96 per barrel.

    Mr. Ashbourne also noted that the influence of crude oil prices on inflation is expected to vary from the situation in 2022.

    “The shape is relatively similar, which I would say that prices of most commodities jumped dramatically in 2022”.

    He added that “the push of commodity prices is very negative compared to this year. It will be slightly positive in most cases next year, but not by very much”.

    If oil prices hover around $84 per barrel, fuel prices in Ghana will largely remain stable for the rest of the year.

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