Bank of America slashes its oil-price outlook 9% for 2023 as debt ceiling crisis increases risk of recession
on Tuesday to work on a deal to steer the country away from a potential debt default.
The government could run out of money as soon as June 1, meaning a divided Congress must raise the country's $31 trillion debt limit in weeks or else drive the US into aOil demand is already being clipped by rapidly rising interest rates directed by the Federal Reserve and a reduced amount of credit extended to businesses and households. With that, BofA downwardly revised its global oil consumption growth expectations to 1.
The investment bank held onto its forecast of $90 for Brent in 2024 as it foresees OPEC and its allies potentially cutting production again to protect prices. OPEC in April said it would cut production by 1 million a day. "We believe OECD demand will eventually improve while OPEC+ will likely keep proactively and preemptively managing supply," said Blanch.
The Organisation for Economic Co-operation and Development expects oil demand to contract by 400,000 barrels a day this year and by 200,000 million barrels a day in 2024.
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