(Adds HSBC (LON:HSBA) forecasts)
(Reuters) - HSBC Global Research on Friday raised its forecast for Brent oil prices in 2023 and 2024, predicting that the market would remain tight on the extension of voluntary output cuts by Saudi Arabia.
The bank hiked its 2024 Brent outlook by $7.5 a barrel.
Record Chinese oil demand should continue to support prices in the near term, the bank said in a note, forecasting the Saudi cuts to remain in place until the second quarter of 2024.
Saudi Arabia and Russia, as part of the OPEC+ producer group, this month extended combined supply cuts of 1.3 million barrels per day to the end of 2023.
Brent futures were up 0.2% at $93.51 a barrel at 1515 GMT on Friday, on renewed global supply concerns from Russia's fuel export ban. [O/R]
The following is a list of the latest brokerage forecasts for 2023 average prices per barrel for Brent and WTI (in $ per barrel):
Brokerage/Agency Brent WTI Date
Revised
2023 2024 2023 2024
HSBC
84.00 82.50 80.00 Sept. 22
80.00
Citi Research 84.00 84.00 -- -- Sept. 18
Deutsche 81.30 82.50 76.20 77.50 June 28
JP Morgan 81.00 83.00 76.00 79.00 June 14
UBS* 95.00 -- 90.00 -- May 17
BofA Global Research 80.00 90.00 75.00 May 8
Goldman Sachs (NYSE:GS) 88.00 99.00 82.00 94.00 April 4
Morgan Stanley (NYSE:MS) -- 85.00 -- -- April 3
Barclays (LON:BARC) 97.00 -- -- -- April 3
Commerzbank* 90.00 -- March 21
Fitch Solutions 100.00 98.00 Oct. 6
ANZ 104.50 103.40 NA
Standard Chartered (LON:STAN) 91.00 88.00 NA
ABN Amro 76.00 74.00 NA
* indicates end-of-period forecast
# current as of given date, may not indicate date of revision
For a table of crude price forecasts as per Reuters latest monthly poll, see