Morgan Stanley has trimmed its oil price forecasts:
Q2 2023 Brent forecast to US$85/bbl from 90/bbl
- Q3 to $90/bbl from $95/bbl
- Q4 to $87.50/bbl from $95/bbl
2024 forecast to $85/bbl from 95/bbl
Chief commodity strategist at Morgan Stanley Martijn Rats comments:
- OPEC probably needs to do this to stand still
- the decision “reveals something, it gives a signal of where we are in the oil market. And look, let’s be honest about this, when demand is roaring…then OPEC doesn’t need to cut”
---
The forecasts are in contrast to:
---
The gap in oil on Sunday evening's (US Eastern time) reopening for the week was on the back of the OPEC+ cuts. SInce then the price has worked a little back into the gap. Plenty more to go.
