Investors see U.S. oil between $80 and $100/bbl next year -survey - Reuters

Sept 19 (Reuters) - U.S. crude oil prices will average between $80 and $100 per barrel next year, investors attending a Barclays conference this month estimated, suggesting a stronger outlook than future prices suggest.

Oil futures for October traded at $85 a barrel on Monday, with the outlook for 2023 at about $79 a barrel . Prices had traded over $100 a barrel earlier this year on Russia's invasion of Ukraine and subsequent sanctions. Oil has cooled on concerns of an economic slowdown.

Separately, the Bank of America today boosted its 2023 U.S. oil price forecast by $4 to $94 a barrel, pointing to what it called a "modest but demonstrable production cut at the last OPEC+ meeting."

The producing group in early September agreed to cut output by 100,000 barrels per day (bpd), or 0.1%, of total global demand, amid worries of oversupply and fears of a weakening global economy. read more

In the Barclays surveys, some 56% of participants at its CEO Energy & Power Conference indicated they expect global oil inventories to be lower over the next 12 months.

Supply chain disruptions and inflation continue to roil fossil fuel production. Slightly over half of survey respondents said they expect U.S. oil output to grow by 500,000 bpd to 700,000 bpd between the fourth quarter of this year and next.

Shale producers EOG Resources Inc (EOG.N) and Pioneer Natural Resources Co (PXD.N) earlier this month predicted U.S. oil production will lag behind expectations, with the latter calling for growth of roughly 500,000 bpd this year and less next year. read more

The Energy Information Administration, the statistical arm of the U.S. Department of Energy, expects oil production to average 12.6 million bpd next year, up about 800,000 bpd from forecasts for 11.8 million bpd this year.

Barclays' survey participants anticipate oilfield inflation to remain a problem, with 68% suggesting costs will jump by 10% to 20% in 2023.

Barclays did not disclose the number of participants in the survey.

Reporting by Liz Hampton in Denver Editing by Marguerita Choy

Our Standards: The Thomson Reuters Trust Principles.

Adblock test (Why?)

"oil" - Google News
September 20, 2022 at 03:14AM
https://ift.tt/oND6J0g

Investors see U.S. oil between $80 and $100/bbl next year -survey - Reuters
"oil" - Google News
https://ift.tt/TG6krNJ
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini