Surveillance: 'Springy' Oil with Blanch
Bloomberg Surveillance
00:00
Oil Prices - How Much Do You Think They Could Rise?
I think we have a very springy. oil market because inventories remain quite low, spare capacities tight. And if you look at the three key drivers of oil prices having into 2023, they're clearly in my view, OPEC plus Russia, whatever happens to China reopening. The third one being the Fed pivot. All the demand growth that we forecast for next year is coming from emerging markets with China being 50% of that and India being about 20%. It's still early, still unclear how China is going to make a comeback.
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