Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Barclays sees crude surplus in near-term, cuts Brent price view

    Barclays sees crude surplus in near-term, cuts Brent price view

    August 16, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp

    Bengaluru — Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to “resilient” Russian supplies.

    The British bank now sees Brent crude averaging $103 this year and next, and U.S. West Texas Intermediate (WTI) to average $99 for both years.

    *North Sea Brent oil

    Benchmark Brent crude futures were trading around $94 a barrel on Tuesday, while WTI futures were slightly below $89.

    The recent move lower in prices is primarily a timing issue, as resilient Russian supplies before the European Union’s sanctions kick in later this year have coincided with elevated concerns of a broader slowdown, the bank said in a note.

    EU leaders in late-May agreed to impose an embargo on Russian crude oil imports that will take full effect by the end of the year and will ban all Russian refined products two months later.

    Barclays expects Russian oil output to decline 1.5 million barrels per day compared with the pre-war level once the EU sanctions on imports and insurance activities kick in.

    Barclays also noted that the actual downside to the price forecast could be limited by a potential OPEC+ response to a possible demand slowdown next year from a mild recession.

    “We think the threshold for such intervention would be lower than in 2020 because of a potential exemption from supply cuts for Russia due to sanctions and the lack of price response from U.S. producers.”

    The Organization of the Petroleum Exporting Countries and its allies, led by Russia, or OPEC+, is set to raise its output target by a tiny 100,000 bpd from September. read more

    *Bharat Govind Gautam; Editing: Stephen Coates – Reuters

    Follow us on twitter

    Related News

    Tinubu issues Executive Order to slash oil production costs

    The future of crude oil prices, OPEC+, global demand, and the unknown ahead

    ADNOC Drilling buys into SLB’s Oman and Kuwait rig business

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    N171bn contract variation cause of Rivers govt – Julius Berger standoff

    May 30, 2025

    Global renewable power installed capacity to surge to 11.2TW by 2035

    May 30, 2025

    Tinubu issues Executive Order to slash oil production costs

    May 30, 2025

    NLNG launches Train-7 Human Capacity Development BTSP in Rivers

    May 30, 2025

    Sidi Ould Tah elected ninth president of the AfDB Group

    May 30, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.