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Barclays Cuts 2023 Brent Crude Forecast To $92/bbl From $98/bbl

OIL

Barclays cut its 2023 oil price forecasts because of more resilient output from Russia than expected, while the market could flip into a deficit in the second half of the year due to growing demand in China.

  • The bank cut its 2023 Brent crude forecast by $6/bbl to $92/bbl. The WTI crude forecast was revised down by $7/bbl to $87/bbl.
  • It also forecast Brent would average $97/b and WTI $92/b in 2024.
  • The market could flip into a deficit of 500kbpd in the second half of this year as China's reopening from pandemic restrictions goes ahead and as supply growth from outside the OPEC+ producer group slows.
  • Barclays revised its 2023 demand estimate 150kbpd higher due in part to an improved growth outlook for the US and Europe. It sees a 900kbpd increase in Chinese demand this year.
  • Barclays said the risk of a deceleration in broader economic activity remained due to flat industrial activity and continued tightening of monetary conditions.
Energy BulletsCommodities
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