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PetroChina Forecasts Brent At $80-85/bbl In 2H23

OIL

PetroChina forecasts that Brent crude will trade at $80-85$/bbl in the second half of this year.

  • China’s swift economic rebound will boost demand for crude, the firm said.
  • Refined oil demand in China is expected to rise by 3% this year compared to pre-Covid levels in 2019, it said.
  • Natural gas consumption is forecast to rise by 5.5% year on year in 2023.

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