A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in 2023, down from the $87.1 consensus in April and current levels of around $73.
Most analysts expect oil to trade around the $80-level per barrel this year, with data and analytics firm Kpler noting that "macroeconomic concerns are a major driver of crude prices this year, overshadowing relatively tight fundamentals."
West Texas Intermediate (WTI) U.S. crude is expected to average $79.20 a barrel in 2023, down from the previous month's $82.23 consensus.
"Even if OPEC+ does not cut in June, the threat of production cuts will remain as long as oil remains significantly below $80 per barrel," EIU'S Sherwood said.
OPEC+ surprised the market in April with output cuts that briefly drove up oil prices.
Persons:
Brent, Matthew Sherwood, Suvro, EIU'S Sherwood, Kavya Guduru, Noah Browning, Barbara Lewis
Organizations:
bbl, West Texas, Organization of, Petroleum, DBS Bank, Thomson
Locations:
OPEC, U.S, Russia, Vienna, Bengaluru