Barclays lowered its Brent oil price forecast for this year to $84 per barrel
- down by $3 from its previous forecast
- its Q4 estimate of $92 a barrel Brent remained unchanged
- Barclays expects a deficit of 670,000 barrels per day (bpd) on the oil market this year, and a 250,000 bpd deficit next year
- “A tussle between key producers and consumers is visible in the G-7 efforts to cap Russian export prices and OPEC+ announcing significant voluntary adjustments to output”
For 2024, Barclays raised its Brent price forecast by $8 to $97 a barrel expecting tighter balances
- “Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent underproduction from several OPEC+ producers due to structural constraints bolsters our core thesis behind a constructive view on oil prices”
