News Release

The $100/bbl clock is ticking

The current fundamental state of the global oil market remains bullish

byEnverus

CALGARY, Alberta (June 28, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, continues to point to all-time high global oil demand, insufficient North American supply growth and OPEC intervention as key drivers that will push Brent prices to $100/bbl in 4Q23.

“We believe that oil markets are largely balanced and that we’re headed for material crude and product stock draws in the second half of the year. Furthermore, record oil demand has offset supply outperformance from Russia, Iran and Venezuela,” said Al Salazar, report author and a senior vice president at EIR. “We are sticking to our bullish price call for now and have outlined a checklist of fundamental indicators that must be met by Aug. 31, 2023, or revisions to our outlook will follow.”

Key takeaways from the report:

  • EIR reaffirms on its view that Brent will hit $100/bbl by 4Q23, subject to fundamental conditions that need to be met by Aug. 31.
  • The current market fundamentals are bullish as global demand hit record consumption of 101.5 MMbbl/d of oil in the second quarter of this year.
  • EIR is closely watching weekly EIA data, China economic sentiment and U.S.- driven supply agreements with sanctioned producers (e.g., Iran) as indicators for adjusting our oil price call.

Members of the media interested in scheduling an interview with one of Enverus’ expert analysts should contact Jon Haubert.

About Enverus
Enverus is the most trusted, energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 98% of U.S. energy producers, and more than 35,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment and sourcing, and our experienced industry experts support our customers through thought leadership, consulting and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 6,000 customers in 50 countries. Learn more at Enverus.com.

About Enverus Intelligence Research
Enverus Intelligence Research, Inc. is a subsidiary of Enverus and publishes energy-sector research that focuses on the oil and natural gas industries and broader energy topics including publicly traded and privately held oil, gas, midstream and other energy industry companies, basin studies (including characteristics, activity, infrastructure, etc.), commodity pricing forecasts, global macroeconomics and geopolitical matters.

Media Contact: Jon Haubert | 303.396.5996

Picture of Enverus

Enverus

Energy’s most trusted SaaS platform — creating intelligent connections that uncover insights and opportunities to deliver extraordinary outcomes.

Related News

Blackstone announces agreement to acquire Enverus
News Release
ByEnverus

Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone (“Blackstone”) have entered into a definitive agreement to acquire Enverus, a premier data analytics energy intelligence platform, from Hellman & Friedman and Genstar Capital.

Making enhanced oil recovery great again: OBBA 45Q tax credit shift cuts E&P costs by 40%
News Release
ByEnverus

Enverus Intelligence® Research (EIR) has released a report accessing how the One Big Beautiful Bill Act (OBBA) impacts the the equalization of 45Q tax credits, especially as it enhances the economics of carbon dioxide enhanced oil recovery (CO₂-EOR.)

Enverus Intelligence Research is releasing its summary of 2Q2025 upstream M&A activity and outlook for the rest of the year.
News Release
ByEnverus

Calgary, Alberta (July 23, 2025) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its summary of 2Q2025 upstream M&A activity and outlook for the...

How the One Big Beautiful Bill Act could change clean energy tax credit economics
News Release
ByEnverus

Enverus Intelligence® Research (EIR) has released a new report on how changes to clean energy tax credits under the One Big Beautiful Bill Act could reshape project economics and create new opportunities for revenue optimization.

Sunburned & winded: Only 30% of U.S. solar and 57% wind projects expected to survive under one, Big, Beautiful Bill Act
News Release
ByEnverus

CALGARY, Alberta (July 15, 2025) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages Generative AI across its solutions, has released a new report accessing the impact of the One Big Beautiful...

2025 Mid-Year Minerals Market Outlook What’s moving the market next?
News Release
ByEnverus

Enverus invites journalists and industry professionals to attend its “2025 Mid-Year Minerals Market Outlook” webinar at 1:00 p.m. CT on July 15, 2025.

Bearish oil thesis yet to play out
News Release
ByEnverus

Enverus Intelligence® Research has released its latest Fundamental Edge report.

persona-Operators-with-non-operating-assets-.jpg
News Release
ByEnverus

Enverus is releasing its annual list of the most prolific 100 private oil and gas producers in the U.S. based on gross operated production, well count and rig movements across last year.

GettyImages-1148355005
Analyst Takes Blog Topics
ByAl Salazar, Enverus Intelligence® Research (EIR) Contributor

In reaction to news of U.S. airstrikes on Iran’s nuclear facilities, Al Salazar, director at Enverus Intelligence® Research (EIR), released this statement explaining the significance on oil prices:

Find Out How Enverus Can Help Your Business

Subscribe to the Energy Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Get Started

Sign up for our Blog

Register Today

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert