Higher Crude Price Estimates for 2022

Crude oil price forecasts for 2022 move higher according to a survey by Reuters.

• A survey of 34 economists and analysts forecast Brent crude would average 106.82$/bbl in 2022 up from 101.89$/bbl in May. WTI average was 102.82$/bbl for 2022 compared to May's 97.82$/bbl consensus.
• Supply concerns with OPEC members struggling to meet production quotas and uncertainty over Russian supply are thought to be behind the change although economic risks could slow the climb.
• Analysts projected demand growth of about 2.3 to 5mbpd in 2022, and 2-2.4mbpd in 2023, as tight supply overshadows demand concerns.