The average Brent oil price in 2023 will be $104 per barrel, ING analysts forecast. That’s higher than the oil Brent price today. 

“There is still a lot of uncertainty about Russian oil supplies given the European Union ban,” the bank said in a review. – “Nevertheless, we believe Russian supplies will decline significantly early next year, by about 1.8 million bpd year-over-year in the first quarter.

This, combined with continued supply cuts from OPEC+, suggests that the crude oil market situation will become increasingly tight, in fact 2023. Increased supply from the U.S. will not be able to fill the gap, analysts believe.

Oil Brent price chart – forecast

ING predicts that Brent will cost an average of $100 per barrel in the first and second quarters of next year, $105 per barrel in the third, and $110 per barrel in the fourth.

In 2024, the average cost of this oil brand is expected to be $90 per barrel. In 2025 – $75 per barrel.

Bank experts also point out that 2023 will not be an easy year for the European gas market. “It is unlikely that the region will be able to fill storage at the same rate as in 2022,” the review reports. – The annual drop in the flow of Russian gas will be about 60 percent, even if supplies remain at the same level as they are now. Unfortunately, the liquefied natural gas (LNG) market will not be able to fully compensate for these losses.

Thus, additional demand reductions will be needed to guarantee enough supply to Europe in the winter of 2023-2024. ING predicts that gas at the Dutch Title Transfer Facility (TTF) hub will cost an average of €175 per MWh next year.

Earlier, we reported that Turkey started to let oil tankers through its straits.