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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oil china 21 December 2022