SAFAKNA TURKEY – There is a new forecast that may affect the fuel market and prices for gasoline and diesel fuel. Oil research firm Wood Mackenzie said oil prices will rise again in 2023 due to rising demand. In addition to all this, many institutions have also provided figures for oil price forecasts. Here are the events awaiting the oil market in 2023 and the forecasts of the institutions…
Research firm Wood Mackenzie has announced the trends that will shape markets in 2023. The report gives a wonderful assessment of oil, which puts the whole world in dire straits in 2022. The report indicated that oil prices could rise again next year.
The Mackenzie report indicated that oil demand declined towards the end of 2022 and demand is expected to fall by 1.2 million barrels per year in the latest quarter.
This trend is said to be short-lived.
“With the easing of COVID restrictions in China and the increase in the use of petrochemical feedstocks, we forecast a rapid return to growth in oil demand next year with an increase of 2.3 million barrels per day for the whole of 2023,” the report said. and support prices.
In recent weeks, the International Energy Agency (IEA) has revised its forecast for oil demand growth both this year and next. Demand growth is expected to be 1.7 million bpd in 2023, up 100,000 bpd from November forecasts. The IEA predicts that global oil demand will reach 101.6 million barrels per day next year.
OPEC forecast is the same
OPEC, on the other hand, has kept its growth forecasts for global oil demand unchanged, expecting growth of 2.5 million bpd this year and 2.2 million bpd next year. However, he warned:
“As 2022 approaches, the recent slowdown in global economic growth, with all its far-reaching consequences, is becoming abundantly clear. 2023 is expected to be surrounded by many uncertainties that require vigilance and action.”
Prices are rising
This morning Brent crude is around $85 and crude oil is hovering around $80. On the other hand, price growth is influenced by the flow of news that Russia may reduce the supply of crude oil, despite the practice of capping prices.
Here are the predictions…
Fitch Solutions, on the other hand, predicts prices will average $100 this year before dropping to $81 in 2023.
The US Energy Information Administration (EIA) expects the average oil price to be $95.74 in 2022 and $88.58 in 2023.
Trading Economics forecasts that oil will trade at an average of $88.58 in the last quarter of 2022 and rise to $99.87 over a 12-month period.
Goldman Sachs raised its oil price forecast for the latest quarter from $100 to $110.
Morgan Stanley raised its Brent oil price forecast for the first quarter of 2023 from $95 to $100 per barrel.
ING predicts that the price of oil per barrel next year will be $97.
SPI Asset Management shared its forecast that oil could top $100 in the next few quarters.
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