As COVID-19 restrictions ease, demand for oil is expected to recover by almost 2 million bpd in 2023, with China’s surging oil consumption accounting for half of the growth.
While Chinese demand and Russian supply will determine the pace of stock depletion/building in 2023, prices are expected to average around $90/bbl, according to global data platform Refinitiv.
“As far as price forecasts are concerned, oil is expected to average around $90/bbl. Bullish forecasts see prices increasing to $115/bbl in the latter part of 2023,” Ranjith Raja, Head of EMEA Oil & Shipping Research at Refinitiv, said during a Refinitiv-ICC Qatar seminar held at Doha.
Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.