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. In its latest Commodity Markets Outlook, the World Bank projected that Brent crude will average $92 a barrel in 2023 before easing to $80 in 2024--still well above the five-year average of $60.
According to the bank, both natural gas and coal prices will decline in 2023 from record highs in 2022, but U.S. natural-gas prices and Australian coal are still expected to be double their average…Exxon Makes More Oil And Gas Discoveries Offshore Guyana
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