Supply Shortage Will Push Up Oil Prices in H2 2023

CICC’s research report pointed out that in the short term, the dominant factor in oil prices may still be whether overseas demand expectations can be verified. At present, the priced pessimism has not yet been supported by actual data.

If the subsequent fundamentals do not deteriorate further, the weak trend of oil prices is unlikely to continue. From a mid- to long-term perspective, we maintain the forecast that the supply shortage will push up the oil price in the second half of the year.

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