BofA expects Brent oil at $ 100 in 2022

BofA expects Brent oil at $ 100 in 2022

Analysts at BofA Global Research view the decline in oil prices following the OPEC + decision to increase production as a bargaining opportunity and still expect Brent futures to rise to $ 100 a barrel next year.

The average price of Brent crude oil in 2021 will be $ 68 per barrel, WTI crude oil – $ 65 per barrel, according to the bank’s analysts. Futures on these marks are expected to average $ 75 and $ 71, respectively, in 2022. The global oil deficit will be 1.4 million barrels per day in 2021 and 400,000 barrels per day in 2022, analysts say.

According to the bank, the new OPEC + agreement simultaneously supports and reduces both upward and downward risks for oil prices. In the next 18 months, this group of producer states will become a key player in the oil market.

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