Oil prices are expected to remain elevated

Continued uncertainty coupled with apparent lower supply has prompted us to revise our oil forecasts upwards. For 2Q22 we now expect ICE Brent to average $102/bbl, while for full year 2022 we expect Brent to average $96/bbl.

There are some potential developments that could help limit further upside. The most obvious and preferable from a humanitarian point of view would be a rapid de-escalation in Russia-Ukraine…

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