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Barclays on Monday maintained its 2021 oil price forecast, which is based on OPEC and its allies' production agreement and the forecast that potential COVID-19 vaccines will boost demand in the second half of the year, Barclays expects Brent crude oil prices in 2021 to be $53 per barrel
.
The bank said in a note that the possible introduction of effective vaccines in the short term will be a turning point in demand, as this could lead to a more sustainable economic recovery
.
The company forecasts that by 2021, the average price of Brent crude oil will be $53 per barrel, and the price of US West Texas Intermediate (WTI) crude will be $50 per barrel
.
Reuters reported that OPEC, Russia and its allies, known as OPEC+, are considering delaying their original planned January oil production increase for at least three months
.
As part of a stabilizing measure to the record production cuts agreed this year, OPEC+ will boost output by 2 million barrels
per day in January.
"We hope that OPEC+ will delay raising production targets by three months
before its meeting later this month," the bank said.
”
Goldman Sachs also said this month it expects the group to delay its planned production growth
.
On Monday, Brent crude traded at around $45.
30 and WTI crude at around $43, helped by optimism about a recovery in demand from successful trials of a coronavirus vaccine, although new global lockdowns capped gains
.
Barclays on Monday maintained its 2021 oil price forecast, which is based on OPEC and its allies' production agreement and the forecast that potential COVID-19 vaccines will boost demand in the second half of the year, Barclays expects Brent crude oil prices in 2021 to be $53 per barrel
.
The bank said in a note that the possible introduction of effective vaccines in the short term will be a turning point in demand, as this could lead to a more sustainable economic recovery
.
The company forecasts that by 2021, the average price of Brent crude oil will be $53 per barrel, and the price of US West Texas Intermediate (WTI) crude will be $50 per barrel
.
Reuters reported that OPEC, Russia and its allies, known as OPEC+, are considering delaying their original planned January oil production increase for at least three months
.
As part of a stabilizing measure to the record production cuts agreed this year, OPEC+ will boost output by 2 million barrels
per day in January.
"We hope that OPEC+ will delay raising production targets by three months
before its meeting later this month," the bank said.
”
Goldman Sachs also said this month it expects the group to delay its planned production growth
.
On Monday, Brent crude traded at around $45.
30 and WTI crude at around $43, helped by optimism about a recovery in demand from successful trials of a coronavirus vaccine, although new global lockdowns capped gains
.
