Oil prices will pick up pace towards $90 a barrel over the course of this year as production cuts by OPEC+ and rebounding China demand shield against a deteriorating economic backdrop in the West, a Reuters poll showed on Friday.A survey of 40 economists and analysts forecast Brent crude would average $8
Oil prices will pick up pace towards $90 a barrel over the course of this year as production cuts by OPEC+ and rebounding China demand shield against a deteriorating economic backdrop in the West, a Reuters poll showed on Friday.
"The main factors driving prices this year will be OPEC production cuts, the comparatively limited supply response from U.S. producers and demand developments in China," said Matthew Sherwood, lead commodities analyst at EIU. China's demand is forecast to rise by 1.2 mb/d in 2023 https://www.reuters.com/graphics/OIL-PRICES/mopakdgkbpa/chart.png
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