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Nirmal Bang Report
Global oil prices are likely to trade in the US$90-110/bbl range, according to Singapore-based oil & gas consultant Ms Vandana Hari, Founder & CEO of Vanda Insights, during NBIE's investor meeting on 29th Aug, 2022.
The floor is based on expectations of OPEC+ calibrating the group's oil production and the cap based on likely reduction in oil demand as a result of the global economic slowdown.
When the global economy recovers, oil prices are likely to rise further as a result of revival in oil demand amid tight supplies, under-investment in E&P and limited spare capacity with OPEC.
Refining spreads on fuels like petrol, ATF and naphtha may remain subdued as the demand and price drivers may slacken.
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