In hindsight, 2022 was a hectic year for the oil market. Martijn Rats, Global Commodity Strategist at Morgan Stanley, discusses some of the major uncertainties the global oil market is likely to face in 2023.
The oil market will return to equilibrium in the second quarter
“The barrel demand-supply count suggests there will still be a modest oversupply in the first quarter. In addition, declining GDP expectations, falling PMIs and central bank tightening continue to weigh on today.” the oil market. Over time, however, we see a more constructive outlook emerge, say from the (Northern Hemisphere) spring.”
“We expect the oil market to rebalance in the second quarter, and to be undersupplied in the second half of this year. With only a limited supply damper, we believe Brent will once again exceed $100 a barrel by mid- of year.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
