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World Bank projects energy prices to decline 11% in 2023 after 60% jump in 2022

WASHINGTON, Oct 26 (Reuters) - The World Bank on Wednesday said it expects energy prices to decline 11% in 2023 after a 60% surge in 2022, with slower global growth and continued COVID restrictions in China posing key downside risks.

The bank in its latest Commodity Markets Outlook projected a Brent crude average price of $92 a barrel in 2023, easing to $80 in 2024 but well above the five-year average of $60.

It said Russia's oil exports could drop by as much as 2 million barrels per day due to a European Union embargo and restrictions on insurance and shipping.

A proposed Group of Seven oil price cap could affect the flow of oil from Russia, but needed the participation of large emerging market, developing economies to be effective, it said. (Reporting by Andrea Shalal and David Lawder)

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