Tighter Oil Supply, Higher Prices
The normalization of oil storage markets in the Northern Hemisphere; strong demand, aided by China stimulus this year; and continued production discipline supports our view Brent prices likely have bottomed, and will move higher from here. We raised our 2023 Brent forecast $2/bbl to $92/bbl. Our forecast for next year is revised upward by $5/bbl to $120/bbl. Price risk remains to the upside, particularly if KSA exercises its option to extend production cuts of 1mm b/d.
Interested in reading this report?
To access the full BCA Research report, request a complimentary copy
BCA Research | Commodity & Energy Strategy
Top-down global-macro framework with bottom-up fundamental analysis of major commodities.
Topics
Stay Connected with BCA
Get our latest events and research insights delivered to your inbox.