Oil to break $100 by 2023 as demand rises

Rating agency Fitch pointed out that with the optimization and adjustment of China's epidemic prevention policy, the growth prospects of crude oil demand have improved. On the supply side, geopolitical conflicts have increased uncertainty, coupled with a slowdown in U.S. production growth, further delays in the Iran nuclear deal and OPEC continuing to limit production,Crude oil supply growth will slow sharply this year.

An analyst at Standard Chartered said:Oil prices could rise to 0 a barrel at some point this year, but it's not expected to last for long.

According to the analyst's forecast,The average price of Brent crude oil this year is per barrel, and it will briefly rise above 0. Crude oil demand growth is expected to be limited this year, and the macro economy faces headwinds, especially in the first half of the year. By 2025, the average price of crude oil is expected to exceed US0/barrel.

But Goldman Sachs thinks crude demand will be undersupplied in the second half of the year due to strong demand growth. Brent crude will reach 5 a barrel by the end of 2023.

Morgan Stanley's forecast shows that the supply of the oil market will tighten in the second half of this year.Brent crude oil prices may rise to 0 a barrel by the end of the year.

At present, OPEC's forecast for global crude oil demand growth remains unchanged, but pointed out that the outlook is full of uncertainties, including the global economic situation, changes in epidemic prevention policies and geopolitical conflicts.

OPEC forecasts crude oil demand growth of 2.5 million bpd in 2022 and 2.2 million bpd in 2023. Crude oil demand in the first quarter of this year is expected to increase by 1.7 million barrels per day year-on-year. OPEC said,Total global crude oil demand is expected to reach 101.8 million barrels per day in 2023, while the supply growth forecast for 2023 remains unchanged at 1.5 million barrels per day.