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BofA Cuts 2023 Brent Crude Forecast To $88/bbl From $100/bbl

OIL

Bank of America has lowered its Brent Crude forecast from $100/bbl to $88/bbl for this year as resilient Russian output offsets the limited growth in US shale production, OPEC+ output and China’s reopening, it said.

  • “A weaker-than-expected start to the year has dented our relatively constructive oil market view in 2023,” the bank said.
  • Yet oil prices should still recover as mobility in the Asian region gains steam over the next 18 months, it said.
  • The bank forecasts Brent crude prices to average $90/bbl in 2024. Prices are estimated to average $60-80/bbl through to 2028.
  • Major banks also recently cut their predictions for oil prices his year on the surprising resilience of Russian barrels to remain on the market after sanctions.
Energy BulletsCommodities
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