Brent crude oil average may exceed $100/barrel in 2023: ING Group

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The 2023 average for Brent crude oil is projected to surpass $100 a barrel this year, amid Western sanctions restricting Russia's access to foreign capital, coupled with the recovery of China’s economy after the zero-COVID pivot.

The bank’s analysts noted, in a press statement, that the average Brent crude oil may reach $104 per barrel in 2023, after it reached $99 in 2022, Asharq Business reported.

"We believe that global oil consumption will rise by 1.7 million barrels this year, with China accounting for half of this consumption," Head of Commodities Strategy at ING Warren Patterson told a press conference held in Singapore. He indicated that the bank does not see this volatility disappearing.

Robert Carnell, Chief Economist and Head of Research at ING’s Asia-Pacific unit, pointed out that despite the current COVID-19 outbreak in China, these woes are likely to be sharp but short term, with the economy recovering as of the second half of the year.