Calgary-based Enverus Intelligence Research last week reaffirmed its belief that Brent prices for oil will reach $100 per barrel by fourth quarter. Enverus pointed to “all-time high global oil demand, insufficient North American supply growth and OPEC intervention as key drivers that will push Brent prices to $100 per barrel in 2023Q4.”
Al Salazar, EIR senior vice president, said June 28, “We believe that oil markets are largely balanced and that we’re headed for material crude and product stock draws in the second half of the year… Record oil demand has offset supply outperformance from Russia, Iran and Venezuela. We are sticking to our bullish price call for now and have outlined a checklist of fundamental indicators that must be met by Aug. 31, 2023, or revisions to our outlook will follow.”
Global demand hit a record consumption of 101.5 million barrels of oil per day in second quarter.