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Bernstein sees higher commodity prices in 2023

January 13, 20231:36 PM Reuters0 Comments

Steel long pipes in crude oil factory during sunset

Bernstein sees China’s re-opening driving half the global oil demand growth of 1.7 million barrels of oil per day (MMbls/d) in 2023.

The Nashville-based brokerage sees the remaining half coming from rest of Asia, and some demand from OECD countries.

Reduction in Russian oil exports of 1 MMbls/d and global oil demand growth of 1.7 MMbls/d will lead to a deficit of 2.7 MMbls/d to be filled with non-OPEC growth in supply – brokerage.

Sees tightening oil markets in second half of 2023 leading to higher commodity prices.

Bernstein is “overweight energy in 2023” on lower valuations and room for growth in oil prices.

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