High crude prices to persist in Q3 – Rystad

Consultancy sees Brent potentially averaging $120/bl in Q3, but the outlook remains mixed

Brent prices will likely remain high and continue to average around $120/bl in the third quarter of 2022, consultancy Rystad Energy predicts. But the outlook is mixed, and prices could also see downward pressure too. The Biden administration’s efforts to lobby Opec+ for production increases have so far been unsuccessful, says Louise Dickson, senior analyst for oil market research at Rystad. Saudi Arabia, the UAE and Iraq—which have a combined total of c.3mn bl/d of spare production capacity—are the only members of the cartel that could potentially deliver quick production increases, says Dickson. Saudi Arabia has the largest share of this total—with 1.35mn bl/d—and would offer the “most imme