RHB expects a more balanced oil market in 2023

TheStar Mon, Jan 09, 2023 11:24am - 1 year View Original


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.

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