Oil prices to average $50-$70 out to 2023: BofAML paper | ZAWYA MENA Edition:
"Brent crude oil prices are expected to average $50 to $70 per barrel (/bbl) in a medium-term horizon to 2023, said the Bank of America Merrill Lynch (BofAML) in its latest Global Energy Paper.
This forecast range compares to a current forward strip of $58/bbl on average over the forecast horizon to 2023, and a 15-year average price of $72/bbl, the report added, noting that global oil consumption has expanded by 1.4 million b/d in the past two years and remains on a solid footing.
“On our latest estimates, oil demand should keep growing by 1.1 million b/d per annum out to 2023, falling short of average annual non-Opec oil supply growth of 750 thousand b/d,” BofAML said."
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