S&P Global vice chairman Dan Yergin spoke with CNBC:
- “Our base case for 2023 is $90 for Brent but you have to look at other cases”
- “If China gets over Covid ... then you add a lot of demand to the market”, that could be “one big boost” and push prices to $121 a barrel,
On the flipside, Yergin said prices could fall to around $70 per barrel in a recession
Says there are 3 major uncertainties:
- the Federal Reserve’s decisions
- China demand
- Moscow’s reaction to the price caps
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