Industry - Commodity Price Forecasts - Commodity Price Forecasts
Crude oil prices surged on news that OPEC+ would cut production by over 1mn b/d beginning in May. The supply response from elsewhere will be limited and not enough to offset the reduction. At the same time, our demand outlook is broadly unchanged. The cutback will tip the market into deficit this year, and we have revised up our price forecast to reflect tighter market conditions. Brent is forecast to average US$87pb this year and US$88pb next.
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