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Brent Could Surpass $100/b by Year End: BofA

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Brent prices could exceed $100/b before 2024, driven by OPEC+ supply cuts and a more positive demand backdrop in Asia, Bank of America said in a note Sep. 12.

  • “Asia is leading the global energy demand growth, and China has continued to boost its oil reserves, to keep up with its reliance on imports,” the note said.
  • Bank of America also said that Indian refiners have benefited from the sanctions against Russia and Iran, by gaining access to cheaper crude supplies and selling more expensive goods to Europe.
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Brent prices could exceed $100/b before 2024, driven by OPEC+ supply cuts and a more positive demand backdrop in Asia, Bank of America said in a note Sep. 12.

  • “Asia is leading the global energy demand growth, and China has continued to boost its oil reserves, to keep up with its reliance on imports,” the note said.
  • Bank of America also said that Indian refiners have benefited from the sanctions against Russia and Iran, by gaining access to cheaper crude supplies and selling more expensive goods to Europe.