Prices are expected to be range-bound, the analysts at Citi said, with Brent averaging $81 a barrel through the year
Top global crude exporter Saudi Arabia’s pledge to deepen output cuts is unlikely to underpin a sustainable price increase into the high $80s-low $90s, Citi said in a note on Tuesday, even as other brokerages signalled a bigger deficit in the second half.
“The likelihood that Saudi Arabia would tackle this on its own on a sustained basis is quite low,” Citi said. Oil prices retreated on Tuesday, with the benchmark Brent crude trading around $75 a barrel, as worries over global economic growth doused a rally following Saudi Arabia’s output cut. However, UBS and Barclays were slightly more upbeat. UBS analysts forecast Brent prices at $95 a barrel by end-2023 with a supply deficit seen rising above 2 million bpd.
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