(Business in Cameroon) - The prices of energy products exported by Cemac countries during the first quarter of 2023 fell by 17.9% QoQ, the Composite Commodity Price Index (ICCPB) published by the Central Bank Beac showed.
The decline, Beac points out, is due to a rather gloomy global oil and gas market. “The price of an oil barrel fell by 7.3% over the period reviewed, after an 11.6% reduction in the previous quarter. In addition, the prices of natural gas shrunk by 37.6%, compared with 29.1% previously. Between Q4 2022 and Q1 2023, oil prices fell from $85.3 to $79 per barrel and gas prices from $28.6 to $17.9 per MMBtu of gas.
Beac found many reasons behind this price drop. They include the abundance of global supply, coupled with the strong dynamic of Russian exports, and the tightening of monetary policies in many countries, which is weighing on demand and exerting downward pressure on prices since the end of 2022.
As a reminder, the Composite Commodity Price Index (ICCPB) is a quarterly document based on the prices of 20 commodities exported by CEMAC countries, representing 90% of the value of their exports. It covers five main categories, including energy products, metals and minerals, forest products, agricultural products, and fishery products.