A Central Bank of Kenya (CBK) report has revealed a decrease in oil prices ahead of the Energy and Petroleum Regulatory Authority's (EPRA) mid-month projections.
In the April 4 report, the CBK bulletin noted that international oil prices had declined, with Murban Oil recording a $3.04 (Ksh399 in current exchange rates) drop per barrel from $74.90 (Ksh9,680 in current exchange rates) on March 27 to $71.86 (Ksh9,287 in current exchange rates) on April 3.
According to the bulletin, the drop raised concerns over global demand due to trade policy uncertainties and the Organisation of the Petroleum Exporting Countries Plus (OPEC+) decision to increase production. "International oil prices declined, with Murban oil trading at USD 71.86 (Ksh9,287 in current exchange rates) per barrel on April 3 from USD 74.90 (Ksh9,680 in current exchange rates) per barrel on March 27, reflecting concerns over global demand due to trade policy uncertainties, as well as the OPEC+ decision to increase production.
A man fueling a car at a petrol station Photo New Vision This report comes as Goldman Sachs has cut its oil price forecast for 2025 by 5.5 per cent for Brent crude and by 4.3 per cent for West Texas Intermediate.
