While almost all commodity prices have recovered in the third quarter of 2020 following steep declines earlier in the year due to the COVID-19 pandemic, energy prices — despite some recovery — are expected to stabilise below pre-pandemic levels until at least 2022, the World Bank has said.

Energy prices suffered the most among commodities in the pandemic as they dropped nearly 60 per cent between January and April 2020, according to the bank’s semi-annual Commodity Markets Outlook report.

Oil prices in particular are expected to average US$44 per barrel (/bbl) in 2021, up from an estimated US$41/bbl in 2020. While this forecast is slightly above the April projections of US$35/bbl, it is still significantly lower than its 2019 level of US$61/bbl.

http://www.jamaicaobserver.com/business-observer/lower-oil-demand-likely-to-persist-beyond-2021-world-bank-study_206401