Forecasts for analysts on oil in 2023

Citi: Brent $80, WTI $75

“Main forecast concerns growing oil demand. In 2023, it will reach 1.2 – 1.3 million bpd. The supply will double thanks to Canada, USA, Argentina, Brazil, Mexico, Venezuela, and Guyana.”

JPMorgan: Brent $90

“The price for Brent oil will reach $90. This forecast is based on the opinion that OPEC+ will make a lot of effort to support the balance between markets next year. Traditional (Norway, Brazil, Guyana) and nontraditional (Canada, Argentina, USA) projects on the extraction of raw materials will bring the additional 1.6 million bpd.”

OPIS: Brent $95 – 96, WTI $90

“In 2022, the average price for WTI oil was $94.50. There are suspicions that in 2023, the oil price will be only slightly different from this figure: $95 – 96 for Brent and $90 for WTI. The exact data will depend on the removal of anti-COVID restrictions in China and the competence of western countries to escape strong recession.”

Infrastructure Capital Advisors: $80 – $100

“According to experts, the oil price will vary within a range of $80–100. At the same time, the demand for raw materials in China may recover after the cancellation of the zero-COVID policy.”