“Despite recession concerns, we do not expect oil prices to fall off the cliff, as the supply side continues to be tight, support from the release of strategic petroleum reserves (SPRs) tapers down, and the European Union (EU) ban on Russian oil and product imports comes into effect,” the analysts write in their Jan 31 report.
DBS Group Research analysts Suvro Sarkar, Ho Pei Hwa, Duladeth Bik and William Simadiputra are estimating that prices for Brent crude oil will average between US$85 to US$90 ($112.48 to $119.10) per barrel in 2023.
This is lower than the average of US$99 per barrel in 2022, although still higher than the average prices seen between 2015 to 2021.
