Middle East Economic Survey

VOL. XLVIII

No 17

25-April-2005

UBS Revises 2005 Brent Price Forecast To Conservative $45.20/B

UBS has raised its forecast for the average Brent crude oil price for 2005 by 10% to $45.20, and for 2006 to $40.00/B, and maintained its 2007 estimate at $32.50/B. In the European Oil And Gas report of 19 April, a team of UBS analysts led by Jon Rigby says that, despite the raised forecast, their prediction remains below the level suggested by recent pricing trends, because...