Morgan Stanley | The risk premium on oil prices due to the Ukraine is unlikely to disappear. The scarcity of supply means that any little disruption fuels hikes in prices.
We raise the estimate on Brent for Q2’22 to 110 dollars with a bull case of 125 dollars.
The weighting on global GDP of oil consumption is increasing to 4% and was 4.5-5% during 2011-2014, when the demand for oil continued to rise…We keep Repsol (REP) (Overweight) as our top sectorial pick in the Iberian region.
