11/02/2021 16:25
Average oil price expected at $54.2 per barrel in 2021, says European Commission
The average oil price is expected at $54.2 per barrel in 2021 and $51.9 per barrel in 2022, according to the European Commission’s winter forecast released on Thursday.
The outlook considers crude production cuts by OPEC+ and non-OPEC+ states and the oil demand recovery at the end of 2020, the EC noted.
"Oil prices have been rising since November 2020 reflecting sharp production cuts by OPEC+, compounded by a reduction of output by other producers, weakening USD, and, recently, the surprise announcement by Saudi Arabia to cut production by an additional 1 million barrels/day in February and March 2021. At the same time, inventories have fallen and demand for oil has recovered somewhat at the end of 2020, though remaining subdued compared to 2019 levels. Against this backdrop, market expectations of oil prices now average USD 54.2 per barrel in 2021 and USD 51.9 per barrel in 2022," according to the forecast.
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