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Barclays raises its Brent price forecast by 11 USD/bbl for 2022 and 23 USD/bbl for 2023

Note highlights via Reuters, Barclays:

  • raise Brent price forecast to $11/bbl for 2022 and $23/bbl for 2023, and become constructive on the curve and consensus
  • No longer expect inventory normalization over the forecast horizon, due to the expectation of a much larger and longer lasting disruption to Russian supplies
  • Russian oil production is expected to fall by 1.5 mb/d by the end of the year
  • Raise Q4-Q4 U.S. oil supply forecast to 1mb/d in 2022 and 0.7mb/d in 2023, but see limited upside risk

Oil Update, Weekly Candles:


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