Oil prices will spring back above $100 a barrel in 2023 as tight supply meets growing demand, the political research and consultancy firm Eurasia Group said in its list of top risks this year.
That would represent a 28% increase in the price of international benchmark Brent crude, which traded around $77.90 a barrel on Wednesday. Calculating for West Texas Intermediate crude, the increase would be 37% from $72.80 a barrel.
The oil market is poised to experience shocks this year on the back of a faster-than-expected economic recovery in China after the country’s sudden exit from zero-COVID policies along with a shallow recession in the US that won’t sink demand, wrote Ian Bremmer, president and founder of Eurasia Group, and Cliff Kupchan, the firm’s chairman and head of global macro coverage.
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