Oil prices are set to average slightly higher than current levels, at around $90 per barrel, from now through 2027, an annual survey of more than 1,000 energy professionals compiled by Reuters market analyst John Kemp showed.
The average forecasts in this year’s survey are $4 to $10 a barrel higher than the expectations in the poll from 2022 carried out before the Russian invasion of Ukraine.
Major forecasters and investment banks also expect oil prices to average at least $80-90 this year and expect the OPEC+ group to step up and defend an $80-a-barrel floor under prices with a new production cut if necessary.
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