Barclays raised its average oil price forecast for this year
Barclays Bank has revised its average oil price forecast for this year upwards, based on the results of OPEC+ production cuts. New forecasted figures for varieties Brent and WTI are $2 above the previous ones. Forecast for next year in the bank decided to keep it at the same level. According to specialists' assessment, at the end of this year the average cost of Brent brand will make $43, WTI - $39. Next year at Barclays expect to reach $50 - Brent will cost $53 on average, WTI - $50. The bank's optimistic view is based on the fact that OPEC+ production cuts limit supply, in Therefore, a possible decrease in demand will have a moderate impact on prices. At present, the demand for oil in annual terms is as follows a drop of 8%, despite the fact that it has recovered from the spring crises. The surplus supply this year is about 2.4 million b/d and will be counterbalanced only next year, believe in bank.