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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
A Reuters survey of 37 economists and analysts forecasts Brent Crude prices to average $83.03/bbl in 2023, down from the $84.73/bbl survey result in May.
- Forecasts for WTI crude have also been revised down to $78.38/bbl for 2023, compared with last month’s projections of $79.20/bbl, the poll showed.
- The poll forecasts global oil demand to grow 1-2mbpd this year, while OPEC puts this year’s oil demand growth at 2.4mbpd, the IEA at 2.3mbpd and the EIA at 1.5mbpd.
- "There's been little sign of weakness in China's oil demand even if the general reopening boost has disappointed some investors. China's refineries produced at record levels over the first five months this year. Further growth should come as economic activity continues to expand, albeit at a slower rate, " said Ian Moore, senior research associate at Bernstein.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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