• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Survey: Growth risks to restrain oil prices this year

2 years ago
in Business, Energy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
97
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Survey: Growth risks to restrain oil prices this year

Oil prices will struggle for traction this year as global economic headwinds stymie gains that could be fuelled by a rebound in China and OPEC+ cuts, a Reuters poll showed on Friday.

The survey of 37 economists and analysts forecast Brent crude would average US$83.03 a barrel in 2023, versus the US$84.73 consensus in May.

The global benchmark, now trading around US$75 a barrel after having shed about 13% thus far in 2023, was seen averaging US$83.28 in the third quarter before popping above the US$86 mark in the next two quarters.

Reuters Graphics
Reuters Graphics

Forecasts for U.S. crude were also scaled back to US$78.38 a barrel in 2023 from last month’s US$79.20.

The third quarter will be a “make-or-break quarter ahead as lofty demand growth expectations from OPEC and IEA need to come to fruition to avoid additional downward pressure on prices,” said Ole Hansen, Saxo Bank’s head of commodity strategy.

Goldman Sachs said this week that rising interest rates would remain a “persistent drag” on oil.

RelatedPosts

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks

Nigeria’s Oil Production Could Reach 2 Million bpd by Next Year

BoG Halts GCB Bank Dividend Payment Over Regulatory Breach

But while the rising rates and weaker economic readings from China have weighed on oil markets, some analysts saw prices getting a small fillip from stimulus measures and OPEC+ supply curtailments led by Saudi Arabia.

Earlier this month, the International Energy Agency (IEA) said the OPEC+ output deal sharply increases prospects of higher prices, while Saudi Aramco predicted demand from China and India would offset recession risks in developed countries.

“There’s been little sign of weakness in China’s oil demand even if the general reopening boost has disappointed some investors. China’s refineries produced at record levels over the first five months this year,” said Ian Moore, senior research associate at Bernstein.

“Further growth should come as economic activity continues to expand, albeit at a slower rate.”

Global oil demand is forecast to grow between 1 to two million barrels per day (bpd), as per the poll.

Five respondents also predicted a supply deficit in the second half of 2023.

The deficit would come even as Russia’s seaborne oil exports hit a four-year record in May, Refinitiv Eikon data showed, as Moscow caters to demand from India, China and Turkey.

“Once these deficits become visible in on-land oil inventories, we expect prices to trend higher,” said UBS analyst Giovanni Staunovo.

Respondents also largely agreed that the Organisation of the Petroleum Exporting Countries would take measures to keep the floor for oil prices at US$80.

Tags: Growth risksIEAoil priceOPECSurvey: Growth risks to restrain oil prices this year
No Result
View All Result

Highlights

How an Idle Land Tax Could Build 10,000 Homes in 5 Years

Thibaut Courtois Accuses La Liga of ‘Manipulation’ Amid Protests Over Miami Fixture

Historic Bid: U.S. Joins Forces with Mexico, Costa Rica, and Jamaica for 2031 Women’s World Cup

Bank of Ghana Sells GHS 7.0bn in 56-Day Bills at 21.46% Interest Rate

Deputy Finance Minister Hints 2026 Budget to Prioritise Fiscal Discipline and Job Creation 

FirstBank and Coronation Insurance Strengthen Partnership to Deliver Greater Value to Customers

Trending

Business

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks

October 21, 2025

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks Ethiopia has officially moved closer...

Nigeria’s Oil Production Could Reach 2 Million bpd by Next Year

October 21, 2025

BoG Halts GCB Bank Dividend Payment Over Regulatory Breach

October 21, 2025

How an Idle Land Tax Could Build 10,000 Homes in 5 Years

October 21, 2025

Thibaut Courtois Accuses La Liga of ‘Manipulation’ Amid Protests Over Miami Fixture

October 21, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.