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Tight Supplies to Hold Brent Around 85-90$/bbl Through Year End: FGE

OIL

Brent is expected to trade around the current 85$/bbl-90$/bbl range through the end of the year but with sentiment changes day to day according to FGE Chairman Fereidun Fesharaki.

  • The market is currently tight but OPEC+ will need to keep most of the voluntary cuts in place to maintain prices above 80$/bbl into 2024 due to slowing demand growth.
  • A tightening of sanctions on Iran from the US is highly unlikely unless Saudi Arabia agree to replace the missing Iranian barrels which is not expected.
  • “Biden knows full well that allowing yourself to be blamed for high oil prices in an US election year is a political no-no,” said Fesharaki.
Energy BulletsCommodities
Energy BulletsCommodities

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