KUALA LUMPUR: RHB Research is expecting the regional oil and gas market to achieve a better balance in the medium-term with a narrowing of the supply deficit.
"Based on our assumptions, we expect a relatively balanced market in 2023, with the estimated quarterly deficit-to-surplus ranging from -0.7mbpd to +0.8mbpd.
"Therefore, it is reasonable to assume that oil prices may stay above US$80/bbl," it said in its regional sector update.
It added that a weak economic outlook or recession would bring down global demand significantly, although Opec's commitment to cut production could provide strong support for oil prices.
...