Oil Price Forecasts

Here you can find the latest oil price forecasts from the major players around the globe. What analysts expect for the oil price in the next months.

Bank of America sees Brent oil at $82 per barrel at the end of the first quarter of 2023, $86 in the second quarter of the year, $90 in the Q3 and $94 per barrel in the fourth quarter of 2023. (3-7-2023)

For the WTI crude oil Bank of America forecasts the price at $76 in the first quarter of 2023, $80 for the second quarter, $84 per barrel in the third quarter and $88 per barrel in the fourth quarter of 2023. (3-7-2023)

Goldman Sachs came out with fresh forecasts on Brent. The bank now sees Brent averaging $92 in 2023 and $100 by the end of 2024. The first quarter of 2023 expects Brent oil at $84 while for the second quarter of 2023 sees Brent at $90. (2-10-2023)

Trafigura’s Ben Luckock: Oil is expected to trade in the $80 to $100 range. (2-3-2023)

Morgan Stanley expects WTI Oil to average $82.5 in Q1 2023 and $87.5 in the second quarter of 2023, $97.5 in Q3. For Brent oil, Morgan Stanley sees $85 in Q1, $90 in Q2, $100 in Q3, $110 in Q4 and $110 in 2024. (1-12-2023)

Goldman’s Currie sees oil at $110 by the third quarter of 2023 on China reopening. (1-11-2023)

Goldman cuts its first quarter 2023 Brent oil forecast to $90 per barrel. (12-13-2022)

Société Générale analysts update their oil price forecasts on December 1, 2022. SocGen expects the oil to remain elevated in Q1 of 2023 before declining towards $93.50 in the Q4 of 2023.

Société Générale forecasts oil prices to average $98 per barrel in the first quarter of 2023 and $108 per barrel in the second quarter of 2023, with China reopening and the Russian sanctions kicking in. For the second half of 2023, forecast a drop in oil prices, at $93.5 per barrel in the fourth quarter of 2023. In 2024 and 2025, SocGen estimates that prices rise back toward $100 per barrel and $110 per barrel respectively, as the inventories would still be very low and significant backwardation re-emerges.

On November 14, JP Morgan said that it expects Brent oil price to retest $100 per barrel in the fourth quarter of 2022 and expects $98 per barrel in 2023.

*Photo by Jan-Rune Smenes Reite