Moody’s predicts an average Brent price below $100 per barrel in 2023

  • 17/01/2023
  • 1

Moody’s predicts that the average Brent oil price in 2023 will remain below the 2022 average of $100 per barrel, but will exceed the agency’s medium-term forecast of $50-70 per barrel.

The trajectory of oil prices this year remains uncertain and will depend on the economic situation in the world’s largest economies, according to a Moody’s review. At the same time, the agency expects high volatility in the market.

The fall in oil prices since June reflects weakening market expectations for demand growth amid increased recession risks in the US and Europe and a short-term weakening in demand from China due to anti-COVID restrictions, the agency writes.