ICYMI – ANZ expect crude oil above $100 / barrel in H2 of 2023 – tighter market ahead | Forexlive

This from ANZ yesterday that I’m doing a bit of a catch-up on. Analysts at the bank update their forecasts, in brief:

• short-term (0-3 month) target for Brent crude to $75/bbl

• sell-off in Brent
  will be relatively short-lived as fundamentals continue to signal a
  tighter market in Q2 2023

• expects crude oil
  prices to push above $100/bbl in H2 of 2023
• expects global oil
  demand to rise by 2.5 mb/d in 2023
• expects China’s oil
  consumption to increase by around 1.0 mb/d this year
• maintains the view that
  Russian crude and condensate production will fall 500 kb/d in H1 2023
  from pre-conflict levels

Also:

• ANZ expect OPEC to keep the production cuts announced in late 2022 in place (if you missed this check it out here)
• banking turmoil could further inhibit growth in US supply
• lower oil prices may induce further demand, with the US to refill its strategic reserve