A higher oil price forecast into year-end from analysts at Bank of America, this in summary.
BoA bottom line is:
- Should OPEC+ maintain the ongoing supply cuts through year-end against Asia’s positive demand backdrop, we now believe Brent prices could spike past $100/bbl before 2024
Analysts point to Asia:
- heavy Chinese transportation-sector consumption
- China petroleum fuel export quotas low
- China has continued to build oil inventories, sign of robust domestic demand
- Asian product markets relatively tight