Barclays said its oil-price forecast is increasingly skewed to the upside amid
Middle East developments and resilient demand. If the current situation
persists, oil could rise roughly 50% from current levels before the market
rebalances. Inventory and demand indicators point to significant upside before
supply and demand normalize. Non-OPEC supply response has been limited so far
but may change in coming months due to production adjustment lags; excluding
Brazil, non-OPEC output growth has not materially exceeded expectations.