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BofA Lifts Brent Forecast to $91/bbl for 2H23

OIL

BofA has raised its Brent crude oil forecast for the second half of this year to average $91/bbl, from $81/bbl previously, as the recent run up in refining margins has helped to support prices, together with the extension to OPEC+ supply cuts. On the demand side, China stimulus is poised to expand in 4Q23, supporting demand, the bank said in a note.

  • These factors combined are expected to lead to a decline in global oil stocks by 70mn over the next three months, the bank said.
  • BofA expects Brent crude to average $96/bbl in the fourth quarter of this year.
  • The bank retained its forecast for Brent crude to average $90/bbl in 2024. Non-OPEC supply next year is expected to expand by 1.2mbpd, driven by Guyana, Canada, US shale and Brazil. If sanction in Venezuela and Uran are further eased that could add 450kbpd of supply in 2024.
Energy BulletsCommodities
Energy BulletsCommodities

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