Reply To: Around The Barrel – Crude Oil and Gasoline Outlook in Inflationary Cycle


Barclays raise their Brent crude price forecasts by US$11/bbl for 2022 & US$23/bbl for ’23

via Reuters, Barclays:

raising Brent crude price forecast by $11/b for 2022 and $23/b for 2023, and turn constructive with respect to the curve and consensus
No longer expect a normalization of inventories over forecast horizon, because of expectation of a much larger & sustained disruption in Russian supplies
Expect Russian oil output to decline 1.5 mb/d by the end of the year
Increase q4-to-q4 us oil supply forecasts to 1 mb/d in 2022 and 0.7 mb/d in 2023, but see limited upside risk