The forecast for oil will be $90
Analysts of “JPMorgan Chase & Co” bank lowered the average price forecast for a barrel of “Brent” oil for 2023 from the previously expected $98 to $90. It was also stated that a decrease in Russian oil production is expected after the price ceiling mechanism comes into force.
According to the Bank’s experts, oil production in Russia will decrease by 500,000 barrels per day in the first quarter of 2023 due to price restrictions, and by 500,000 barrels per day in the second half of the year. 10 will stabilize at the level of million barrels.
Europe Union Russia 60 per barrel of oil price ceiling dollars the decision to determine the level entered into force on December 5. Starting in early 2023, the price cap mechanism will be reviewed every two months, taking into account changes in the market. Russia the price limit for oil and oil products will be set at least 5 percent lower than the average market price. Similar limit G7 countries (Big BritainGermany, Italy, Canada, FranceJapan and USA) and was also applied by Australia.
During the auction held today on London’s ICE Futures exchange, Brent oil February futures were 2.38 dollars (2.78 percent) and sold for $87.95 per barrel.
The post Forecast for oil – 90 dollars will appear first on 24 hours.