Oil prices stay high as buffer remains uncomfortably low
Oil prices are expected to remain high over the forecast period as the EU/US sanctions and oil embargo targeting Iran’s oil exports and economy will continue to be a bullish factor for oil prices through a tightening of oil fundamentals and elevated geopolitical risk.
Indicators of economic growth and oil de-mand growth have moved higher, while li-quidity-boosting measures from the world’s most powerful central banks increase appe-tite for risk assets, including oil prices.
We expect the Brent oil price to average USD 123/barrel in Q2.
In our unofficial Brent oil price poll at the webinar last week the following distribution of the votes was recorded: