Oil may resume its rally in 2023 as Chinese demand recovers, OPEC country officials told Reuters, with a growing number seeing a possible return to $100 a barrel.
After 2022's volatility, which sent Brent crude close to its all-time high of $147 soon after the Ukraine war began, so far in 2023 Brent is up slightly at just over $86, helped by Russia'sOPEC and OPEC+ do not publish oil price forecasts and do not have a price target. Officials and ministers from OPEC and OPEC+, are often reluctant to discuss the direction of prices on the record.
of 30 economists and analysts forecast Brent would average $89.37 a barrel in 2023, down from $99 in 2022. Goldman Sachs lowered its 2023 Brent forecast to $92., after the country was estimated to have posted a small decline in 2022 for the first time in years. "Even with the additional supplies coming from here and there, still the market will witness a lack of supply compared to the demand," another OPEC source said. "There is more upward than downward pressure on the market."The OPEC+ cut agreed in October applies for the whole of 2023. The head of the International Energy Agency, Fatih Birol, on Feb. 5So far they have no plan to change direction. Key OPEC+ ministers at a Feb.
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