Reuters: Oil on Track to Make Steady Gains

A Reuters poll today showed that oil prices will witness a steady recovery this year, with the arrival of vaccines to prevent Covid-19 more people and the acceleration of the economic recovery, and in light of the additional momentum of stimulus and the control of supplies of major crude producers.

The survey, which included 55 participants, expected Brent crude to average $59.07 a barrel this year, up from last month’s survey, which predicted an average price of $ 54.47 a barrel.

The average price for Brent since the beginning of this year is $58.80.

Of the 41 experts who participated in the January and February polls, 32 respondents raised their expectations.

Most analysts said the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC +) may ease current restrictions on production when they meet on March 4, but they will also agree to maintain control of supplies.

The poll expected oil demand to grow by between five and seven million barrels per day in 2021.

But experts warned that any deterioration in the situation of the Covid-19 outbreak or the possible lifting of US sanctions imposed on Iran could delay the oil recovery.

The poll expected the average price of US crude to reach $ 55.93 a barrel in 2021, compared to an expected average last month of $ 51.42 a barrel.