OPEC cuts, vaccines to sustain oil's recovery, a Reuters poll reveals
Category: Economy
Date: 2021-04-01T07:01:30+0000
Shafaq News / Oil prices will stabilize above $60 a barrel level this year, as vaccine rollouts support a demand recovery and OPEC and its allies continue to rein in supply, a Reuters poll showed on Wednesday.
The survey of 48 participants forecast Brent would average $63.12 per barrel in 2021, up from last month’s consensus of $59.07 and the average price so far this year of $59.36.
The benchmark was trading close to $64 on Wednesday.
“With vaccinations expected to gain pace and OPEC+ likely to keep to a cautious approach — reducing production cuts when demand recovers — we expect oil inventories to normalise by mid-year, which should support prices,” said UBS analyst Giovanni Staunovo.
Oil demand was seen growing by 5 million-7 million barrels per day (bpd) this year, despite renewed COVID-19 lockdowns in Europe.
related
Iraq expects OPEC sustains current output policy
Date: 2021-12-01 13:14:37
Oil rises as OPEC+ decides on production policy
Date: 2021-04-02 08:35:10
OPEC+ output up after two months of declines, but quota shortfall grows- Platts survey
Date: 2022-06-11 13:00:35
OPEC forecasts oil demand rebound before post-2035 plateau
Date: 2021-09-28 15:09:14
Iraq’ oil exports to the United States climbed up in the Fourth week of January
Date: 2021-02-06 08:23:30
OPEC oil prices are rising and recording $ 45.34 per barrel
Date: 2020-08-17 11:30:48
Oil ends higher after a day of wild swings on OPEC
Date: 2021-12-03 05:25:29
OPEC to stick to oil production deal in October, Iraq oil minister says
Date: 2021-09-19 15:17:29