ANZ sees oil prices staying elevated into next year
ANZ forecasts oil prices will remain elevated next year, in a range of $80 to $85 a barrel
ANZ expects Brent crude to trade above $90 a barrel before ending the year at $88, driven by supply shortages stemming from the Middle East conflict, according to a note cited by Reuters.
The bank forecasts oil prices will remain elevated next year, in a range of $80 to $85 a barrel.
It estimated that about 10 million barrels per day of crude supply had been removed from the global market, turning a modest surplus expected at the start of the year into a significant deficit.
While some supply could return if security conditions stabilise, ANZ said between 1 million and 2 million barrels per day of production may face permanent or semi-permanent disruption due to deferred maintenance, financial constraintsو and other factors.
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