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Barclays Bank maintained its oil price forecast for 2021 and expected Brent crude to reach $ 53 a barrel due to OPEC and its allies controlling production and based on the promotion of a potential Covid-19 vaccine demand in the second half of the year.
In the short term, the bank wrote in a note that producing highly effective vaccines would be a turning point for demand as it could lead to a more sustainable economic recovery.
He expected Brent crude to average $ 53 and US West Texas Intermediate crude at $ 50 a barrel next year.
OPEC+ was to increase production by two million barrels per day, as part of the gradual easing of record production cuts agreed upon this year.
