The IMF predicts an increase in the price of oil in 2022 by almost 55%, for gas – by 147%
14:54 21.04.2022 5289
The International Monetary Fund (IMF) has sharply raised its average oil price forecast for 2022. The IMF presented the updated report on April 19, 2022, Neftegaz.RU reports.
The IMF uses a simple average of Brent, WTI and Dubai Fateh oil prices in its calculations. According to the IMF, the average oil price in 2021 was $69.07/bbl.
The estimated price in 2022 will be $106.83/bbl, in 2023 - $92.63/bbl.
As a result, in 2022, the IMF expects oil prices to rise by 54.7% year-on-year and decline by 13.3% in 2023.
A similar situation will be observed in 2022 with natural gas prices, but the growth will be even higher – about 147%, the IMF report notes.
The IMF does not provide a predicted price for gas, fixing only the potential dynamics.
In 2023, as with oil, gas prices are expected to decline as supply balances.
The IMF notes that the rise in oil and gas prices was the result of, among other things, the conflict in Ukraine and Western sanctions against Russia, which led to interruptions in production and supply.
Although the price of oil has risen sharply, the availability of spare capacity in other countries, as well as the release of oil from reserves, is likely to keep this increase contained in the medium term.
Regarding the gas market, the IMF notes the relative inflexibility of the infrastructure necessary for its transportation in comparison with oil. This would mean that global supply could be adjusted with less ease, raising the prospect of higher prices for a longer time.
Europe has to compete with Northeast Asia for spot supplies of liquefied natural gas (LNG), which has pushed up natural gas prices worldwide except for North America.
The IMF expects natural gas prices to remain high until mid-2023 amid supply and energy security concerns, while Europe plans to reduce dependence on Russian natural gas.
Turkmenistan is interested in the reconstruction of Afghanistan, - MFA
Turkmenistan is interested in the reconstruction of Afghanistan, its integration into the world economic relations, development of infrastructure. This was stated by the Deputy Minister of Foreign Affairs of Turkmenistan Vepa Khadzhiev at the international conference "Afghanistan: security and economic development", held in Tashkent, the website of the Ministry of Foreign Affairs of Turkmenistan reports.
Turkmenistan and Pakistan diplomats discussed the implementation of joint projects in energy, transport and communications in Dushanbe
Current issues of bilateral cooperation were discussed at a meeting between the Ambassador of Turkmenistan to Tajikistan A. Gochmyradov and the Ambassador of the Islamic Republic of Pakistan to Tajikistan Mr. M.S. Sarwar, the International Information Center of Turkmenistan reported on February 18 with reference to the Turkmen diplomatic department in Dushanbe.
For the 1st half of the year, the refineries of Turkmenistan increased oil refining to more than 2.6 million tons
More than 2 million 628 thousand tons of oil were processed in Turkmenistan in the first half of the year. During the same period, 2 million 630 thousand tons of crude oil were delivered to the country's refineries, the newspaper Neutral Turkmenistan reported on Wednesday.
Turkmen natural gas supplies to Turkey via Iran to start on March 1, - Turkish Ambassador
Turkmen natural gas supplies to Turkey will start on March 1, 2025 and will be carried out via Iran as part of a barter scheme. This was stated by Turkish Ambassador to Turkmenistan Ahmet Demirok on Friday at a press conference for Turkmen and foreign media.
Bloomberg: Saudi Arabia may raise oil prices for Asia
Saudi Arabia is expected to raise the price of its flagship oil for Asia in September, although traders see potential for spot price cuts next month, PRIME quotes Bloomberg. The coming months could be a turning point for the oil market, traders say.