Analysts revise price outlook lower

摘要

Analysts have lowered their oil price forecasts because of weak global demand growth and increased Saudi output. Brent crude will fall below $109/bl in 2013, according to an average of forecasts made by 15 analysts surveyed by Argus (see table). This is over $9/bl lower than the price pre- dicted when they were surveyed in April (AGM, 27 April, p3). North Sea Dated has fallen by $7/bl in that period. Credit Suisse made the largest revision. “Demand has been weaker than we anticipated, as Europe once again derailed the global recovery,” the Swiss bank says. Credit Suisse says that it expects global oil demand to grow by 1mn b/d in 2013, rising to 91.4mn b/d.