In light of the worsening economic conditions, geopolitical events, and features of oil demand at the end of 2022, forecasting and analyzing oil prices for the year 2023 was a daunting task for analysts and experts.
This is due to the difficult scene in the oil markets, as economic crises, recession fears, and challenges facing producers and consumers clearly dominated the scene.
At the end and beginning of this year, we witnessed optimistic predictions and expectations of many institutions and analysts, as they indicated that crude prices would infiltrate around $100, the latest of which was the “Andurand Capital” hedge fund, which expected prices to rise to $140 by the end of 2023.
On the other hand, the specialized energy platform had previously obtained statements from a group of experts at the level of the world and the Arab world in early 2023, stating that oil prices will not witness a big jump, despite the decisions of Western countries to ban Russian oil in December (2022). , or the ban on Russian oil derivatives in February (2023), or future OPEC+ decisions, and the repercussions of these measures on oil markets.
10 experts – in exclusive statements to the specialized energy platform – provided a unique and unprecedented reading of the conditions in the market, and it seems that their vision has been achieved after 4 months from the time of making these statements.
Their forecasts did not follow the prevailing predictions, and they maintained logical, realistic and objective opinions, although reading the market at the time was difficult and described as a “herculean task”.
Oil price forecasts in 2023
Ten experts predicted – in exclusive statements to the energy platform – that oil prices during 2023 will range between 65 and 100 dollars per barrel.
It seems that the conditions in the oil markets are in line so far with the statements and opinions of these experts, especially since prices are hovering – currently – in the range of 70-80 dollars per barrel.
Experts have previously indicated that preliminary indicators in the oil markets do not show any rise in oil prices to $90 or more.
In this unprecedented analysis, experts did not agree with the expectations of some banks and financial institutions that oil prices would rise in 2023 to $100 a barrel, citing expectations of JP Morgan that prices would rise to $180 after Russia launched the war on Ukraine, but these expectations were incorrect. , and did not materialize.
To read the full analysis: Oil price forecasts in 2023 and the highest level a barrel may reach.. 10 experts speaking
Leave a Reply