CALGARY, Alberta (April 5, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a new report following OPEC’s surprise cuts Sunday, April 2, 2023. Roughly two weeks after Silicon Valley Bank’s (SVB) collapse rocked oil markets and following the OPEC production cut, the front-month Brent contract has recovered to pre-SVB implosion levels. EIR’s latest report covers the OPEC production cut impacts, drivers for Brent prices for 2023 and into 2024, inflationary impacts and economic indicators.
“Following recent production cuts by OPEC+, EIR has increased conviction that Brent will return to triple digits in the back half of 2023 and have added another $10/bbl to our 4Q23 price forecast,” said Al Salazar, senior vice president at EIR.
“While we maintain a bullish view relative to strip pricing, EIR is increasingly concerned about resilient Russian supply and the increasing probability of a recession,” Salazar said.
Key takeaways the report:
- EIR believes there is a premium in Brent pricing due to low U.S. SPR levels.
- OPEC’s production cut aligned with EIR’s view that the cartel will slash production if prices fall below $80/bbl.
- EIR analyzed six different Brent pathways, evaluating the impact of different supply and demand scenarios.
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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. Enverus Intelligence Research, Inc. is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser.
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