MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI: CANADA Q3 INDUSTRIAL CAPACITY UTILIZATION RATE 79.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil at $80-85/bbl Medium to Long Term: Wood Mackenzie

OIL

Oil markets could breach $100/bbl in the short term but Wood Mackenzie forecasts $80-85/bbl in the medium to long term according to Sushant Gupta, research director of Asia refining at Wood Mackenzie.

  • “I think we could see $100/bbl oil in Q4 in the short term. Number 1 because of Q4 demand growth is expected to be stronger than the previous quarters, number 2 is OPEC+ holding supply until December this year and the third reason is Russia banning the exports of diesel and gasoline to international markets.” Gupta said.
  • “It means lots of volumes from Russia will need to be made up by refiners elsewhere, they will run more crude and push up prices further.” he added.
  • “We are seeing bullish factors more in the short term but let’s not forget on the surplus side OPEC+ holding over 4mn bpd of spare capacity between Saudi, Kuwait and UAE that can be brought to the market in less than a months’ time.” Gupta added.
  • “Q1 will bring lower seasonal demand and we [Wood Mackenzie] expect prices to fall during that time Longer to mid-range term we are targeting $80-85/bbl “ Gupta said.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

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.