A new rise would put greater pressure on fuel prices in Argentina, in the midst of the government’s attempt to control inflation. Gasoline is an important component in the production chain, and an increase has an impact on the entire process.
“With our target of $120 a barrel for Brent now in sight, we believe a sharp contraction in Russian oil exports could … push Brent past $150 a barrel,” the bank said. in an analysis note.
The European Commission has proposed an oil embargo on Russia, although talks have made no progress to date as Hungary has vetoed the move.
BofA expects Brent prices to average $104.48 per barrel in 2022 and $100 in 2023.
Analysts do not foresee a recovery in crude demand to pre-oil shock levels in 2022 because supply problems persist.
“A $30 per barrel increase in oil prices this year reduced demand by 1.5 million barrels per day, preventing a recovery to pre-crisis levels,” the bank’s analysts said.
They also stated that oil demand could approach pre-oil shock levels next year if Russian liquids (crude) production remains close to 10 million barrels a day and OPEC+ supplies rise. pumping.
Source: Ambito
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