Brent oil seen going down than up in 2022 – Citibank

Citigroup’s Global Head of Commodities Strategy Ed Morse expressed his take on the outlook for Brent oil in 2022.

Key quotes

“I think we're moving from a period that's been over a year in which we've had inventories drawing down not enough supply to meet demand to a period in which we're going to see, starting no later than the second quarter we believe, inventory is starting to grow around the world in an accelerated basis.”

“So, we think this is going to be a year where prices are going to go down rather than up.”

“And we're looking at Brent going from an average of over $75 a barrel this past quarter to maybe $10 or $12 or $15 lower than that by the fourth quarter of this current year.”