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World oil prices

Oil price surge reaches 350% over past two years, becoming largest in half a century — WB

According to the report, natural gas prices in Europe are at record highs

WASHINGTON, June 7. /TASS/. Oil prices have risen from their lows by 350% over the past two years, which is the largest increase in a two-year period since 1973, the World Bank said in its June 2022 Global Economic Prospects report published on Tuesday.

"Crude oil prices have increased by 350% (in nominal terms) from their pandemic low in April 2020 to April 2022, making it the largest increase for any equivalent two-year period since the 1970s. Also, all energy prices rose sharply in 2022, in contrast to earlier episodes where oil prices rose much more sharply than those for coal and gas. In nominal terms, coal and gas prices have all reached historic highs," WB says.

In comparison with 2021, oil prices will increase by an average of 42% this year, while in 2023 and 2024 WB experts expect them to fall by 8% and 13%, respectively. Brent crude is expected to average $100 per barrel in 2022, compared to $24 per barrel previously forecast. The report notes that natural gas prices in Europe are at record highs and already well above their previous highs in 2008. Coal prices are close to their 2008 highs, while oil prices remain slightly lower. Experts expect oil and natural gas prices to remain high in the near term.

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