Dan Yergin predicts oil prices could hit $121 a barrel when China fully reopens, but warned there are three major uncertainties looming over the market.
S&P Global's base case forecast for oil prices is $90 a barrel for 2023, but Dan Yergin warns there are major uncertainties looming over markets.
For example, he said prices could retake $120 when China fully reopens — that would be around the same level as March highs after Russia invaded Ukraine. "Our base case for 2023 is $90 for Brent but you have to look at other cases," the S&P Global vice chairman said, adding there are three major uncertainties: the Federal Reserve's decisions, China demand and Moscow's reaction to the price caps.
"If China gets over Covid ... then you add a lot of demand to the market," Yergin told CNBC's"Street Signs Asia" on Tuesday.That could be"one big boost" and push prices to $121 a barrel, building on strains caused by underinvestment in oil and gas, Yergin said. That would be near highs set in March after Russia invaded Ukraine.Money Report
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