Predicting that OPEC+'s decision to cut production combined with the EU's decision to embargo Russian oil will lead to a significant contraction in oil supply in the coming period, Morgan Stanley raised its price forecast for the first quarter of 2023.
Revising the expectation that there will be an excess supply of 0.2 million barrels/day in the global oil market in the first quarter of 2023 as 0.9 million barrels/day, Morgan Stanley stated that Russia's oil production is 1-1.5 million barrels/day due to the ban imposed by the EU. He emphasized that the expectation that the day will decrease was effective in the revision.
Morgan Stanley increased its Brent price forecast for the first quarter of 2023 from $95/barrel to $100/barrel. In the assessment made, it was stated that "Brent oil will reach the level of 100 dollars/barrel sooner than we anticipated."
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