UBS expect an increase in Brent oil prices to $ 110
in 2022, the average oil price of the Brent reference brand on the world market increased by about 42% – from $ 70.5 to $ 100 per barrel. The achieved value has become maximum over the past nine years. At the same time, the quotes ranged in the range between $ 139 and $ 76. The Swiss UBS expect to continue the growth of quotations in the coming year. The reasons for the growth in prices remain the same – this is the redirecting of Russian supplies and chronic lack of investment to the oil industry, writes RBC. In the second half of the year, Brent will rise in price by more than 30% compared to With current prices, up to $ 110 per barrel, they expect in a bank.
this year, the restoration of demand in China and in the developing markets in general will contribute to the revival in the market. The demand for oil in China will exceed the level of the Dopandemium 2019 and will reach a record-high level in the second half of 2023.
In addition, oil production in Russia in 2023 should decrease due to the EU embargo for the supply of oil and oil products. Mining in countries that are not included in OPEC+, according to the forecast, will increase About 1.3 million barrels per day, which will not be able to compensate for the growth of demand. At the same time, oil reserves in the OECD countries have been at the lowest level since 2004, and free capacity will continue to decline, which will require higher prices to maintain balance in the market.
the global oil market next year will retain high volatility: Brent prices will fluctuate in an impressive range from $ 70 to $ 100, the average forecast for the year is about $ 90 per barrel, from the TASS survey of experts. Assessment of the cost of Russian Urals in 2023-$ 50-70. The main factors affecting prices will be an embargo on Russian oil and oil products, the discovery of China after the Locksuns, the OPEC+ Politics and the US supplements of their oil reserves.