Azerbaijan’s Central Bank shares forecasts for oil and gas prices

The Central Bank of Azerbaijan (CBA) predicts that the average price of 1 barrel of oil in the global market will be $81.4 in 2024 and $79.2 in 2025, CBA Chairman Taleh Kazimov said at a press conference, Report informs.

Kazimov also shared the bank's forecast for natural gas prices. The CBA anticipates the average price of 1,000 cubic meters of natural gas to be $290 in 2024 and $340 in 2025, he added.

Meanwhile, the average price of Brent crude, a global benchmark for oil prices, stood at $82.41 in 2023.

The US Energy Information Administration (EIA) projects Brent crude prices to average $82.8 in 2024 and $84.09 in 2025, closely aligning with the CBA's predictions.