The international rating agency Fitch Ratings has raised the forecast of oil prices for 2024-25 against the background of geopolitical risks, but lowered the estimate of the cost of gas in 2023 due to reduced demand in Europe, high gas reserves and expectations of increased production in the United States. “We have halved our forecast for gas prices at the European TTF site in 2023, to $20 per 1,000 cubic feet, against the background of a higher-than-expected level of gas reserves in the EU, reduced demand and abundant LNG supplies,” the agency’s experts note, adding that market volatility may persist. “The lower forecasts were the result of warmer weather in both North America and Europe, as well as expectations of production growth, especially in the Haynesville shale field and in the Permian basin,” Fitch said in a statement.
Source: Turan News Agency