The NBU predicts a slight increase in oil prices in the second half of the year,

against the background of the global economy’s upturn, particularly in China. In the rest of the year, prices will be under downward pressure due to the active production increase in the US and certain countries of Latin America and Africa, fed by moderate growth in demand. In addition, the export of cheap Russian oil will push prices down. Thus, the average price of Brent oil will fall by 17.8% to $82 in 2023, 1.6% to $80.7 in 2024, and 13.9% to $69.5 in 2025.

The National Bank also thinks that prices for natural gas on the European market will decrease due to the active accumulation of reserves in the current year, increased production of liquefied natural gas in the US and other countries, and the supply of cheaper Russian gas to China. According to the forecast, prices will fall by 56.9% to $584.4 per thousand cubic meters this year, 8.9% to $532.3 in 2024, and 18.9% to $431.8 in 2025.