At noon this Monday, the price of Brent is trading at 78.18 dollars per barrel, which represents an increase of 2.68% compared to Friday’s close. But in recent months the price of energy has suffered a significant setback, since in the quarter it shows a decrease of 11%, while in the year it shows a marginal growth of 0.5%.
BofA expects Brent prices to average around $100 a barrel in 2023, buoyed by a recovery in Chinese oil demand after the COVID reopening and a drop in Russian supplies of around 1 million barrels. per day (bpd), due to the sanctions of the European Union.
In addition, OPEC’s 2 million bpd production cut could be fully applied to support prices, the bank said in a research note.
China last week announced the most sweeping changes to its tough COVID regime since the pandemic began three years ago, easing rules that slowed the spread of the virus but sparked protests and weighed on the world’s second-largest economy.