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Industry - Commodity Price Forecasts - Commodity Price Forecasts

Publisher Oxford Economics
Published Apr 13, 2023
Length 13 Pages
SKU # OFE17888502

Description

Industry - Commodity Price Forecasts - Commodity Price Forecasts

Crude oil prices surged on news that OPEC+ would cut production by over 1mn b/d beginning in May. The supply response from elsewhere will be limited and not enough to offset the reduction. At the same time, our demand outlook is broadly unchanged. The cutback will tip the market into deficit this year, and we have revised up our price forecast to reflect tighter market conditions. Brent is forecast to average US$87pb this year and US$88pb next.

Table of Contents

13 Pages
global: oil prices revised up on OPEC+ production cuts
oil overview
OPEC+ output cuts cause prices to jump
Supply outlook downgraded due to cuts
Demand outlook unchanged
oil price forecasts unchanged
Gas overview
European Gas price stabilises
Iron & Steel overview
Iron ore price rally fades in April
global Steel prices surge due to scarcity
Base Metals overview
Base metal prices correct Lower
Precious Metals overview
Gold prices jump up
risks
Russian-Ukraine war
China slowdown
recession risks
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