Oil And Gas Sector Update - Raising Oil Price Forecast: Motilal Oswal
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Motilal Oswal Report
Except India, most other large economies appear to be recovering, resulting in Brent averaging $67/barrel of oil in FY22 year-to-date, despite Organization of the Petroleum Exporting Countries and allies easing oil production cuts (to ~5.8 million barrel of oil per day by July 2021 from ~8 million barrel of oil per day in April 2021) at their last meeting.
This is 51% higher than the average of FY21.
Although we expect increased production from the U.S. and OPEC+ to outpace demand, resulting in our longer period forecast of $50-60/barrel of oil to be intact, we raise our FY22E/FY23E oil price forecast to $60/barrel of oil.
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