The average price of a barrel of oil has reached its highest level in the last 3 years, with the annual average reaching $71 per barrel. Analysts expect that the price of oil will rise in the coming period, which will also result in an increase in the price of gasoline in 2022.
Gasoline price 2022
Analysts expected that the average price of a barrel of oil in 2022 would reach 70 and 75 dollars, after the annual average of Brent crude reached 71 dollars a barrel, and the average price of West Texas crude reached about 68 dollars a barrel last year, which is less than 3 dollars. of Brent crude, according to the US Energy Information Administration on its website.
For her part, Radwa Al-Swaify, head of research at Al-Ahly Pharos Securities Brokerage Company, expected that the annual average price of Brent crude oil would reach $75 per barrel during the new year, and Mohamed Abu Basha, deputy head of the research department at Hermes Investment Bank, expected that the average price of a barrel would reach $75 per barrel during the new year. From Brent crude during 2022 to $70.
Last October, the World Bank expected that the average price of Brent crude oil would reach $74 per barrel in 2022, with the increase in demand for oil and reaching levels before the Corona pandemic, while Brent crude prices rose by about $ 27.52, or 53.1%, and the week The price of oil reached about $79.32 a barrel, compared to $51.80 at the end of December 2020.
And last year witnessed strong competition between the “OPEC +” group and some other countries led by the United States of America, after OPEC refused to increase supplies further to meet the demand for black crude after the price hike.