Oil could surge nearly 50% when China completely reopens after ending zero-COVID policy, energy expert Dan Yergin says
"If China gets over Covid...then you add a lot of demand to the market," Yergin said in a TuesdayThe vice chairman of S&P Global said its base case for Brent oil–the international benchmark–is $90 a barrel next year, but there are factors to consider that could swing that price including strains of gas and oil underinvestment.
Cities across China in recent weeks have been reducing, changing the terms, or ending various testing and quarantine requirements that were aimed at curbing COVID infections. In the face of a"real recession," Yergin said Brent could fall to around $70 a barrel. That would represent a 14% decline from current levels.
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