While 2022 should still represent a reasonably balanced market as OPEC+ looks to boost supplies by around 4 million barrels per day (mmbpd) over the next 10 months, DBS Group Research analysts believe there could be oil price spikes towards US$80 per barrel or higher in late 2022 and beyond.

Factors include demand recovering to pre-pandemic levels, air travel recovering well into 2023 and OPEC spare capacity down to normalised levels, the analysts say.

"Thus, we introduce 2023 average Brent crude oil price forecast at an elevated level of US$85 to US$90 per barrel,” they add.


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