Oil prices will hold steady for the rest of the year but decline marginally in 2023, according to a group of analysts who spoke to CNBC.
Kaneva told CNBC that the she edged her estimate only marginally lower for 2023, attributing that adjustment to a weaker-the-expected impact from the EU's embargo on Russian crude.by the end of the year, as Russia's war in Ukraine continues to wage on.
Other analysts echoed an estimate of a near status quo figure for current oil prices, and projected small declines in 2023. Director of Refinitiv Oil Research in Asia, Yaw Yan Chong, said he sees"more of an upside" in prices, attributing his projection soaring gas prices in Europe — especially this winter — and Saudi Arabia toying with the idea of production cuts.Gas prices are displayed at a petrol station in Monterey Park, California, on July 19, 2022.
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