Brent oil prices to stay between US$85-US$95 in 2023 and US$80-US$100 per barrel in 2024.
MARC Ratings opined the Israel-Hamas conflict has introduced multiple geopolitical risks that could potentially have a substantial impact on oil prices. The rating agency said the Brent oil prices will hover around US$85-US$95 for the remainder of 2023 and within the range of US$80-US$100 per barrel in 2024.
In a statement, MARC Ratings said the worldwide energy landscape is currently experiencing a complex interplay of factors that are shaping the oil market’s near-term price outlook.“Others include supply disruptions, expectations of steady global gross domestic product growth in 2024, and the persistence of medium-term oil dependency despite evolving environmental policies, it stated.
The agency opined the current Israel-Hamas conflict has introduced multiple geopolitical risks that could potentially have a more substantial impact on oil prices compared to the Russia-Ukraine War.It said the world’s largest oil importer, China, has shown signs of economic recovery, with better-than-expected growth in the third quarter of this year , prompting forecasters to revise their estimates for China’s 2023 GDP growth to 5% and above.
This is primarily due to Saudi Arabia and Russia’s commitment to extending production quota cuts in favour of higher oil revenue over market share.
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