There is a new forecast that may affect the fuel market and gasoline and diesel prices. Research firm Wood Mackenzie announced that oil prices will rise again in 2023 due to demand growth. In addition to all these, many institutions also gave figures for oil price forecasts. Here are the developments waiting for the oil market in 2023 and the predictions of the institutions…
Research firm Wood Mackenzie announced the trends that will shape the markets in 2023. In the report, a remarkable evaluation was made for the oil, which puts the whole world in a difficult situation in 2022. The report indicated that oil prices could rise again next year.
In the Mackenzie report, it was stated that oil demand decreased as 2022 ends and it is expected that demand may decrease by 1.2 million barrels per year in the last quarter.
It is stated that this trend will be short-lived.
“Due to the easing of COVID restrictions in China and increased use of petrochemical raw materials, we foresee a rapid return to oil demand growth next year with an increase of 2.3 million barrels per day for the whole of 2023,” the report said. situation and will provide support to the prices”.
In the past weeks, the International Energy Agency (IEA) revised its oil demand growth forecast for both this year and next year. Demand growth in 2023 is expected to be 1.7 million bpd, an increase of 100,000 bpd compared to November forecasts. The IEA says global oil demand will reach 101.6 million barrels per day next year.
OPEC’s forecast is the same
OPEC, on the other hand, has kept its global oil demand growth forecasts unchanged, expecting 2.5 million bpd growth this year and 2.2 million bpd next year. However, he warned:
“As 2022 draws to a close, the recent slowdown in global economic growth, with all its far-reaching consequences, is becoming quite evident. The year 2023 is expected to be surrounded by many uncertainties that require vigilance and action.”
Prices are on the rise
Brent oil price is at the $85 border this morning, while crude oil is moving around $80. The rise in prices, on the other hand, is influenced by the news flow that Russia may reduce its crude oil supply despite the ceiling price practices.
Here are the predictions…
Fitch Solutions, on the other hand, predicted that prices will average $100 this year and fall back to $81 in 2023.
The US Energy Information Administration (EIA) expects oil prices to average $95.74 in 2022 and $88.58 in 2023.
Trading Economics forecasts that oil will trade at an average of $88.58 in the last quarter of 2022 and rise to $99.87 in the 12-month period.
Goldman Sachs raised its last quarter forecast for oil from $100 to $110.
Morgan Stanley increased its Brent price forecast for the first quarter of 2023 from $95/barrel to $100/barrel.
ING predicted that the price of oil per barrel will be $97 next year.
SPI Asset Management has shared its forecast that oil could exceed $100 in the next few quarters.