Barclays lowers Brent 2023 price forecast to $84 from $87 but raises 2024 forecast to $97 from $89
-Expects deficits of 670kbpd in 23, 250kbpd in 24
“A tussle between key producers and consumers is visible in the G-7 efforts to cap Russian export prices and OPEC+ announcing significant voluntary adjustments to output”
“Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent underproduction from several OPEC+ producers due to structural constraints bolsters our core thesis behind a constructive view on oil prices”