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Oil prices are expected to overshoot $125 a barrel next year and $150 in 2023 due to capacity-led shortfalls in OPEC+ production, JP Morgan Global Equity Research said.
OPIS: Brent $95-96, WTI $90. "The 2022 average price for WTI looks to be right around $94.50/bbl. We suspect that 2023 will see a price only slightly below this number with $90/bbl a reasonable ...
2023. Both Brent and WTI started the year down more than 8 percent, the most for a first week since 2016. Brent finished at $78.57 and WTI at $73.77, after gaining 13 percent in the previous three weeks. U.S. jobs news indicated the economy was slowing, meaning less chance of another large interest rate increase, and the dollar jumped.
Global oil supply could outstrip demand by a “staggering” 8 million barrels per day by 2023, according to forecasts published by the agency in its medium-term oil market report.
On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [1] The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. [1]
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
The supply and demand mismatch that shaped the first half of 2023 has inverted, thanks to oversupply and slowing demand, sending oil prices down 4.5% year to date and 22% lower than 2022's average.
The OPEC decision was to not change production levels from those set in October 2022. [47] OPEC production in February 2023 was up 0.15m bpd from January but still 0.88m bpd short of the targeted production. [48] In March OPEC oil shipped was 24.1m bpd up 0.53m bpd from February and 1m bpd higher than March 2022.