RE:RE:RE:RE:Oil at 92 bucks ..Looking forward to 100 bucks.. Yes, $100 oil is reasonable unless the political risk for investing in Russia, Venezuela, Libya, Iran, Nigeria etc can be overcome. SPR, Europe, China, all positive indicators for 2023 while OPEC will underpin a $90 floor price.
Russia, Iran and North Korea are sabre rattling while China is insidiously manipulating its way to global dominance. The weight of evidence suggests higher, rather than lower, oil prices as the capacity for political interference diminishes.
Biden's advances to Saudi Arabia were rejected and for him to now double down, cap in hand, to Venezuela or Iran holds tremendous political risk. Given the outcome of the mid terms, it is more likely that he accepts the political risk of market pricing over the risk inherent in grovelling to authoritarian rulers.
Any threat to higher oil prices will likely be V shaped one-offs.