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.
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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.
Media Contact: Jon Haubert | 303.396.5996