Oil prices are likely to stay above US$100 a barrel this year, with growing concerns that sanctions on Russian energy exports and depleted stocks of alternative fuels will keep markets on the boil.
Mr Glenn Wepener, executive director and chief strategist at First Abu Dhabi Bank – the largest bank in the United Arab Emirates (UAE) – told a conference in Singapore that Brent crude could average US$108 a barrel, adding that he had adjusted this from an initial forecast of US$98.
He said depleted inventories of gas oil – a common home-heating fuel in Europe – are likely to bolster oil prices as Europe looks to alternatives. He noted that gas oil stocks in Europe are now below the five-year average, with supplies facing disruptions amid the impending European Union ban on Moscow’s oil, while the Kremlin’s threat to further restrict gas supplies is exacerbating the supply crunch.
“It’s going to be a tough one this winter for Europe.
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