Brent oil: Barclays lowers its 2023 price forecast to $84 (from $87), raises 2024 forecast

Barclays lowered its Brent oil price forecast for this year to $84 per barrel

• down by $3 from its previous forecast
• its Q4 estimate of $92 a barrel Brent remained unchanged

• Barclays expects a deficit of 670,000 barrels per day (bpd) on the oil market this year, and a 250,000 bpd deficit next year

• “A tussle between key producers and consumers is visible in the G-7 efforts to cap Russian export prices and OPEC+ announcing significant voluntary adjustments to output”

For 2024, Barclays raised its Brent price forecast by $8 to $97 a barrel expecting tighter balances

• “Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent underproduction from several OPEC+ producers due to structural constraints bolsters our core thesis behind a constructive view on oil prices”