Uganda, April 27 -- The World Bank's forecasts for commodity prices in 2024 have indicated that Brent crude oil prices will average $84 per barrel in 2024 before declining to an average of $79 in 2025, assuming no conflict-related supply disruptions.

In the Commodity Markets Outlook report released on April 24 in Washington DC, the World Bank said the energy price index is expected to edge down 3 per cent year on year (y/y) in 2024 and ease a further 4 per cent in 2025.

This means that if this projection comes to pass, net oil-importing countries like Uganda will not face many constraints related to high oil prices like it was in mid-2022.

In the Market Outlook report, the World Bank said the price of Brent crude oil, for example, surg...