Audio By Carbonatix
Ratings agency, Fitch, has revised its end-year forecast for the price of Brent Crude to $100 per barrel, from the previous $105.
It had earlier reviewed its projection to $105, but recent global developments where economic growth has slowdown caused this revision.
“Our reduced Brent and WTI assumptions for 2022 reflect year-to-date oil pricing driven by concerns about economic growth. Oil spot prices have recently declined, especially compared to the levels in March [2022] and June [2022], due to fairly resilient Russian export volumes and a potential revival of the Iran nuclear deal, which could add one million barrels per day (bpd) of oil supply to the market”.
“US production is increasing, although it faces oilfield services bottlenecks and constrained capital expenditure budgets”, it said.
However, the ratings agency noted that OPEC+ remains cautious in its approach to quota increases and has recently cancelled a production addition of 100,000bpd to its October 2022 target.
The $100 is still a good one for oil-producing countries such as Ghana, but bad news for petroleum consumers.
For countries that do not provide fuel subsidies, consumers would have to pay more petroleum products.
Meanwhile, Brent crude is still hovering around $90 per barrel.
Latest Stories
-
Ghana clinches key Pan-African Parliament role as Annoh-Dompreh takes health and labour chair
9 minutes -
The clandestine network smuggling Starlink tech into Iran to beat internet blackout
28 minutes -
Bank of Ghana Balances on a Knife Edge
29 minutes -
Xenophobia and the African Condition: A Call for Sobriety
54 minutes -
Ghana assistant coach Roger de Sa details how he got the job
1 hour -
Taiwan president visits Eswatini days after blaming China for cancelled trip
1 hour -
Regional ‘Fisheries Without Borders’ project launched to combat declining fish stocks
2 hours -
Man charged with murder and sexual assault of 5-year-old Australian girl
2 hours -
Germany says US troop withdrawal ‘foreseeable’ as Trump warns of more ‘cuts’
2 hours -
Eduwatch warns DACF formula is deepening rural education inequality
2 hours -
Over 37,000 candidates to sit 2026 BECE in Northern Region
2 hours -
California to begin ticketing driverless cars that violate traffic laws
2 hours -
Chamber of Mines disputes GoldBod CEO’s claim on forex repatriation by large-scale miners
2 hours -
Adomako-Mensah rebukes PURC over silence on recent power outages
2 hours -
Political interference biggest threat to local governance – CHALOG President
2 hours