Crude oil will be the most profitable energy commodity this year, according to UBS Group, as demand recovers, Russian supplies are reduced, and non-OPEC+ production grows very slowly.
Brent will rise to $110 per barrel in 2023, and WTI to $107 per barrel, UBS predicts.
To keep the market balanced, OPEC+ may ease production cuts in 2023 by bringing more barrels to the market to meet growing oil demand amid a decline in Russian production.
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