The price of crude oil is expected to average $64 per barrel in 2025, the World Bank has revealed in its April 2025 Commodity Markets Outlook.
This is compared with $80.7 per barrel in 2024.
The Bretton Woods institution is forecasting a further drop in the price of crude oil to an average of $60 in 2025.
A World Bank blog makes the case for green hydrogen becoming a major economic driver for the economy.
The war in the Middle East could push crude oil prices to $150 per barrel if it spreads across the region, the World Bank warned this week.
Redirecting the $577 billion in government subsidies for fossil fuels could unlock at least half a trillion dollars that could be put to more sustainable uses, the World Bank said in a new report.