Brent Crude Oil to average $80 the coming year – Danske Bank

Market news

21 June 2023

Brent Crude Oil to average $80 the coming year – Danske Bank

Economists at Danske Bank discuss Oil outlook.

OPEC+ looks to have a preference for Brent to trade in the $80-110 range

If the demand outlook weakens further, we expect OPEC+ to make more output cuts. US could also start to replenish strategic reserves.

We look for Brent to average $80/bbl the coming year.

OPEC+ looks to have a preference for Brent to trade in the $80-110/bbl range.

US will likely start to buy Oil for its strategic reserves if prices fall much below $70/bbl.

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