Business News of Wednesday, 12 April 2023Source: www.ghanaweb.comPrices of crude oil on the international markets is expected to fall by 24.1 percent to sell at an average of $73.1 per barrel in 2023, this is according to the IMF’s April 2023 World Economic Outlook Report. The development will be a significant reduction from the $96.4 per barrel sold in 2022. The International Monetary Fund said price of crude oil will however continue to drop in the coming years to an average of $65.4 per barrel in 2026. “As of March, Russian crude oil exports had held steady since implementation of the Group of Seven (G7) price cap and ban on crude oil imports on December 5 [2023]. Russia rerouted its oil, reportedly sold at a major discount to Brent oil prices, to nonsanctioning countries, primarily India and China,” the IMF report noted.

Source: GhanaWeb April 12, 2023 13:30 UTC