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Energy Aspects Forecasts Oil "Directionally Higher"

OIL

Oil prices should head directionally higher in 2023 according to Energy Aspects Amrita Sen in an interview with CNBC:

  • “Directionally, oil should continue to head higher, for the simple reason, China is re-opening.” Sen said.
  • “I’m not saying it’s going to be a straight line, there are still concerns about the US recession.” she added.
  • “Oil prices should be well above $100/bbl this year, the question is timing because we still have an overhang to run down, we have refinery maintenance, so seasonally its against us but directionally its heading higher.” Sen said.
  • Energy Aspects expects 2023 Chinese crude import growth to be the highest in 20 years. It forecast crude arrivals to rise to around 11.5mb/d in April and remain above 11mb/d in Q2.
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