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According to S&P Global Platts, Brent crude oil, the global oil price benchmark, is likely to remain around $40 per barrel for the remainder of the current calendar year, but could reach $
50 per barrel by 2021.
The provider of the benchmark price assessment said in a statement that the key to prices in the coming months is the degree of control of the pandemic and OPEC/OPEC+ behavior, as they are all exposed to bearish risks
.
"By 2021, the OPEC+ deal in the first quarter and the call for OPEC+ in the second half will see Brent crude prices rise to $50/b by the end of 2021 and WTI to $47/b
," the statement said.
”
With the return of summer, Libya began to recover rapidly, and global oil supplies continued to increase
.
Although the recession in the United States may have already begun
.
Platts believes OPEC+ may delay its first-quarter production cuts
.
On the demand side, the increase in COVID-19 infections, lockdowns in Europe, uncertainty in the United States, and a slowdown in China have clouded the recovery of oil demand
.
These factors, especially COVID-19, will continue to influence the outlook for
2021.
Demand is expected to grow to 5.
8 million barrels per day next year compared to 2020, while on a net basis, demand in 2021 is expected to be 2.
6 million barrels less than in 2019
.
According to S&P Global Platts, Brent crude oil, the global oil price benchmark, is likely to remain around $40 per barrel for the remainder of the current calendar year, but could reach $
50 per barrel by 2021.
The provider of the benchmark price assessment said in a statement that the key to prices in the coming months is the degree of control of the pandemic and OPEC/OPEC+ behavior, as they are all exposed to bearish risks
.
"By 2021, the OPEC+ deal in the first quarter and the call for OPEC+ in the second half will see Brent crude prices rise to $50/b by the end of 2021 and WTI to $47/b
," the statement said.
”
With the return of summer, Libya began to recover rapidly, and global oil supplies continued to increase
.
Although the recession in the United States may have already begun
.
Platts believes OPEC+ may delay its first-quarter production cuts
.
On the demand side, the increase in COVID-19 infections, lockdowns in Europe, uncertainty in the United States, and a slowdown in China have clouded the recovery of oil demand
.
These factors, especially COVID-19, will continue to influence the outlook for
2021.
Demand is expected to grow to 5.
8 million barrels per day next year compared to 2020, while on a net basis, demand in 2021 is expected to be 2.
6 million barrels less than in 2019
.
