Morgan Stanley Cuts Brent Crude Oil Price Forecast, Sees Prices Falling to $70 per barrel by End-2023

Published: Jul 5, 2023 16:13

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Analysts at Morgan Stanley cut their quarterly Brent price forecast in a report on July 5, predicting that the global benchmark will end the year at $70 a barrel, down from a previous forecast of $75 a barrel.

Morgan Stanley still expects a draw in inventories in the third quarter, largely driven by OPEC production cuts and positive seasonal factors, which should help Brent find support around $75/bbl. Strong supplies could keep oil prices range-bound, even as demand is expected to meet earlier expectations.

Growth in supply from non-OPEC producers is expected to outpace growth in global demand in 2024.

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