Oil market outlook

This year’s briefing is particularly timely, given the uncertain geopolitical backdrop.

Russia’s invasion of Ukraine has resulted in a sharp spike in oil prices. Buyers are concerned about disruptions to supply, while financial sanctions levied against Russia are disrupting trade, with many buyers worried about falling afoul of secondary US sanctions.
Additionally, major oil firms in the West are concerned about the reputational risk associated with sourcing supply from Russia and are therefore limiting purchases of Russian oil.

Meanwhile, The EIU expects that global oil demand will grow to above pre-pandemic levels by the end of 2022. Although OPEC+ production has been rising slowly but steadily since early 2021, the global supply response has been trailing the uplift in demand stemming from strong economic recoveries across the G20 economies.

In the company of the EIU’s global economist Matt Sherwood, and in panel discussion and Q&A with regional oil market analysts, we will seek to answer the following questions and more:

• What is the forecast trajectory for oil prices throughout 2022 and 2023?
• Could we yet see $200/b oil this year?
• What will be the OPEC+ response if Russian oil supplies are limited in the longer term?
• What will happen to the oil price when the war in Ukraine ends?
• What would be the impact on oil prices if Iran strikes a new nuclear deal?
• Is $100+/b oil necessarily a good thing for MENA oil producing economies?