Global Oil Price Prediction in 2023 Here What the Top Experts Think

As we move into 2023, the question on everyone's mind is: What can we expect from global oil prices？ 

With geopolitical tensions and the ongoing impact of the COVID-19 pandemic, the future of oil prices is uncertain. However, some of the top experts in the industry have weighed in with their predictions.

Oil price/barrel projections

About the possible oil prices, these are the top predictions from expert analysts:

Citi: Brent $89, WTI $75

Citigroup is a corporation that provides a range of accounts and deposit services, and it also deals in treasury and trade services, asset management, and securities services. According to Ed Morse, Citi's global head of Commodities Research, the oil demand will grow.

The estimated projection is an increase of around 1.2 or 1.3million barrels daily. The supply increase will majorly come from the Northern Hemisphere, and other oil-supplying areas will be Brazil, Canada, Guyana, Argentina, Venezuela, and Mexico.

JPMorgan: Brent $90

JP Morgan is a top global financial services firm with assets of $2.6trillion. It specializes in investment banking and financial services for consumers and small businesses, and other services include commercial banking, asset management, and financial transaction processing. 

According to their Global Commodities Research team, Brent oil prices are forecast to be $90. This is based on the view that the OPEC+ alliance will take measures to keep markets balanced. They expect supply to grow by 30% above the demand pace as Russian production stabilizes. 

Another driving factor would be a combination of conventional and non-conventional projects. Conventional projects include Norway, Brazil, and Guyana, and Non-conventional projects represent U.S., Canada, and Argentina. This pairing is bound to supply an extra 1.6 mbd.

OPIS: Brent $95-96, WTI $90

OPIS provides accurate data for traders for better investments in the oil market. It also offers price transparency across the global supply chain, allowing stakeholders to buy and sell oil and energy commodities easily. 

According to Tom Kloza, Global Head of Energy Analysis, the 2023 oil price is expected to rise to $90for WTI. He also predicts a rise between $95-$96 for Brent. Denton Cinquegrana, Chief Oil Analyst at the company, backed this position.

However, how high these numbers move past their average depends on crucial factors. This includes the successful reopening of China, and another factor is the ability of western countries to avoid recession. 

Infrastructure Capital Advisors: $80-$100/barrel

This is a financial services company that manages assets of over $1.2billion. Its services include energy infrastructure, real estate, and option-enhanced income strategies. 

According to the company CEO, Jay Hatfield, oil is expected to trade between $80 - $100. This price is expected to last while the Russo-Ukrainian war continues. He also predicts that China's oil demand will recover, which will happen as the country emerges from its Zero-COVID lockdown policy.

Best energy stocks to buy in 2023

With these oil price predictions, you must have the best energy stocks in your portfolio. Here are some options you can never go wrong with:

Chevron

Chevron is currently one of the world's largest and best-run energy companies. It engages in oil and natural gas exploration, production, and refining. The company is also involved in the marketing and distribution of fuel products. 

Unlike other energy companies, Chevron didn't suffer major losses following Russia's invasion, despite being an investor in the government-owned Caspian Pipeline Consortium. 

Most of the company's energy stock earnings come from assets in international markets. This is an area where the energy crisis caused by Russia cutting off gas deliveries has led to high prices. 

Chevron stock has paid dividends to investors for years and has hiked the payout every year for 35 years, making it a strong option for future oil price increases.

ExxonMobil

ExxonMobil is another energy giant with an almost $480billion market cap and boasts a solid track record of profitability and cash flow generation. Despite low oil prices, ExxonMobil still has diversified business operations. It also focuses on cost control, which lets it maintain operations and dividend payments. 

ExxonMobil has a current stock price of around $116a share. It also has a 40-year history of raising its dividend, which means investors can expect income-generating growth and capital appreciation.

Occidental Petroleum

The final pick for the top energy stocks is Warren Buffet‘s favorite, Occidental Petroleum. Buffet’s company, Berkshire Hathaway, has gotten permission to buy up to half of the companys outstanding shares. 

Occidental Petroleum has a record of investing in the U.S., Africa, the Middle East, and Latin America. These are areas with lower production costs and decline rates. As such, the company can build resilience against oil price volatility.

The oil and natural gas company also has a mainstream component. It's used to move energy from the wellhead to the market. But this is a temporary goal. The company's long-term goal is to be an industry leader in low-carbon production, and this will be done through sequestration and carbon capture technologies. 

Overall, Occidental spends less than Exxon on capital expenditure. But, it's been using its finances to pay off a large debt from acquisitions. It also continues to push toward increasing cash flows, which will further reduce debt and pay a sustainable dividend. 

Trade oil stocks on the Capitist platform

Capitistoffers an array of oil stocksto trade instantly from anywhere in the world. From our research, we have carefully assembled top advice and predictions for oil in 2023. 

Its best to do your own research as well before making any investment decision. In addition to oil, you can trade other essential commodities like Silver and Copperas well as trade in other financial markets such as Forex, Cryptoand other blue chip stocks. 

You can also mimic tradesof your favorite investment gurus and make profits along with the smartest people on Earth. 

So why wait？ With global inflation on the rise, it's better to make investments that grow your wealth rather than keep your money in the bank and watch inflation diminish your wealth. 

Start trading on the Capitist platform today. Sign up nowand invest in the best oil stocks starting from 2023.