Oil Cover

Oil Market Snapshot – June 2013

  • Nominal Brent averaged $102.5/bbl in May, our forecast for 2013E remains unchanged at $105.8/bbl (avg.)
  • For 2014, we marginally reduce our forecast by $1/bbl to $103.2/bbl (avg.)
  • Sluggish Euro-zone and Chinese economies continue to weigh on oil prospects; Expected demand growth reduced by 2.88% (to 23,000 b/d) and 5.49% (to 68,000 b/d) for 2013E and 2014E, respectively
  • However, the impact of the recent Chinese credit crunch was balanced out by the short-term geopolitical risk, hence oil prices remained between $100 and $106/bbl in May and June

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