Oil prices will pick up pace towards $90 a barrel over the course of this year as production cuts by OPEC+ and rebounding China demand shield against a deteriorating economic backdrop in the West, a Reuters poll showed on Friday.
A survey of 40 economists and analysts forecast Brent crude would average $87.12 a barrel in 2023, up from the $86.49 consensus in March and current levels of around $78. The global benchmark has averaged around $82 per barrel so far this year.
"The main factors driving prices this year will be OPEC production cuts, the comparatively limited supply response from U.S. producers and demand developments in China," said Matthew Sherwood, lead commodities analyst at EIU. Western sanctions on Russian oil are also expected to keep supply tight, challenging global fuel demand growth seen at about 1 million-2.2 million barrels per day in 2023, according to the poll, with more than half of the upside coming from the world's No. 2 oil consumer China."The market currently underestimates the impact of production cuts, which will lead to a significant supply deficit in H223," said Carsten Fritsch, senior commodity analyst at Commerzbank.
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