Analysts have updated their midcycle oil price assumption, citing future supply constraints driving prices higher. They forecast stable real oil prices between $60-$70 per barrel until 2035, with demand declining slower than supply. The midcycle oil price has been raised to $65/bbl Brent. Integrated oils see a 6% fair value estimate increase on average.

Read more at Morningstar: Raising Fair Value Estimates Across Our Energy Coverage After Lifting Midcycle Oil Price Assumption