BAKU, Azerbaijan, Dec.9
By Leman Zeynalova – Trend:
Brent prices are expected to stand at $42 per barrel as of 2020, then rising to $50 per barrel in 2021 and $62 per barrel in 2022, Trend reports with reference to the US JP Morgan Bank.
The quarterly price for 2020 is as follows: $51/bbl in Q1, $33/bbl in Q2, $43/bbl in Q3 and $42/bbl in Q4.
The upward trend in Brent prices will continue in 2021, standing at $43/bbl in Q1, $49/bbl in Q2, $51/bbl in Q3 and $56/bbl in Q4.
Brent prices will peak at $67/bbl in Q2 of 2022, while in Q1, Q3 and Q4 this figure will be equal to $61/bbl, $64/bbl and $55/bbl, respectively.
As for the West Texas Intermediate (WTI) oil, JP Morgan forecasts $38/bbl in 2020, with quarterly figures amounting to $46/bbl in Q1, $28/bbl in Q2, $41/bbl in Q3 and $37/bbl in Q4.
In 2021, WTI prices will rise to $47/bbl, while the quarterly prices will be equal to $41/bbl, $47/bbl, $48/bbl and $53/bbl.
WTI prices will keep on rising to $58/bbl in 2022, according to JP Morgan. The forecasts for the four quarters are as follows: $57/bbl, $63/bbl, $60/bbl and $51/bbl.
Global oil demand is expected to stand at 90.2 million barrels per day in 2020, reaching to 96.6 mb/d in 2021 and 99.8 mb/d in 2022.
Global oil supply is expected to stand at 93.3 million barrels per day in 2020, reaching to 95.4 mb/d in 2021 and 101.1 mb/d in 2022.
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