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Citi Research on Monday cut its 2021 oil price forecast as the COVID-19 pandemic began a larger-than-expected rebound, but Citi said tighter supplies from OPEC and its allies would still lead to a gradual rise
in oil prices next year.
Citi lowered its 2021 Brent and West Texas Intermediate price forecasts by $5 to $54 and $49
, respectively.
It predicts oil demand will fall by 8.
9 million b/d by 2020 but grow by more than 7 million b/d
by 2021.
With prices staying around $40 a barrel, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are likely to continue to abide by their agreement to curb production until the fourth quarter of 2020 to the first quarter
of next year.
Reuters reported last week that OPEC+ was considering further cuts in oil production
early next year.
"We hope that a Biden presidency will bring Russia and Saudi Arabia closer together, thereby strengthening their alignment
in managing the oil market through the OPEC+ framework," Citi said.
”
Brent crude futures rose more than 2 percent on Monday after U.
S.
media announced Joe Biden's victory, spurring demand for risky assets and offsetting fears
that the coronavirus pandemic has intensified the hit on oil demand.
Citi Research on Monday cut its 2021 oil price forecast as the COVID-19 pandemic began a larger-than-expected rebound, but Citi said tighter supplies from OPEC and its allies would still lead to a gradual rise
in oil prices next year.
Citi lowered its 2021 Brent and West Texas Intermediate price forecasts by $5 to $54 and $49
, respectively.
It predicts oil demand will fall by 8.
9 million b/d by 2020 but grow by more than 7 million b/d
by 2021.
With prices staying around $40 a barrel, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are likely to continue to abide by their agreement to curb production until the fourth quarter of 2020 to the first quarter
of next year.
Reuters reported last week that OPEC+ was considering further cuts in oil production
early next year.
"We hope that a Biden presidency will bring Russia and Saudi Arabia closer together, thereby strengthening their alignment
in managing the oil market through the OPEC+ framework," Citi said.
”
Brent crude futures rose more than 2 percent on Monday after U.
S.
media announced Joe Biden's victory, spurring demand for risky assets and offsetting fears
that the coronavirus pandemic has intensified the hit on oil demand.
