Russian oil production requires a rethink of crude. ING strategists have revised their forecasts downwards.
Oil prices will remain high
“Russia’s stubborn oil production and weaker-than-expected demand growth mean the oil market is likely to remain in surplus for the rest of this year and early next, which should limit the rise in oil prices. Petroleum.”
“OPEC’s limited spare capacity and uncertainty about how Russian flows will evolve once the EU ban fully comes into force should also limit declines in the medium term.”
“We have lowered our Brent forecasts for the third and fourth quarters of 2012 from $118 and $125/bbl to $100 and $97/bbl respectively. Our full year 2023 Brent forecast has been revised down from 99 $/bbl to $97/bbl”.
Source: Fx Street
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