Note highlights via Reuters, Barclays:
- raising Brent crude price forecast by $11/b for 2022 and $23/b for 2023, and turn constructive with respect to the curve and consensus
- No longer expect a normalization of inventories over forecast horizon, because of expectation of a much larger & sustained disruption in Russian supplies
- Expect Russian oil output to decline 1.5 mb/d by the end of the year
- Increase q4-to-q4 us oil supply forecasts to 1 mb/d in 2022 and 0.7 mb/d in 2023, but see limited upside risk
Oil update, weekly candles:
