Barclays raises Brent price forecast to $80
Barclays raised its forecast for average 2022 Brent crude prices to $80 a barrel against the background of rapid reductions in stocks and a slow rise in supply.

 That price was $3 higher than the British bank had earlier forecast. The bank believed that 2022 prices for West Texas Intermediate would also be $3 higher than its previous forecast and would stand at $77 a barrel.

   Barclays analysts do not anticipate a rapid return to previous production levels for OPEC+ countries should there be surplus oil supplies on the market at the start of the year.

   Many analysts foresee just such a surplus – and that includes signatories to the OPEC+ deal . Barclays believes that OPEC+ could slow or even suspend its agreed production increases of 400,000 barrels a day.

   And Barclays experts expect no serious effect on markets from the release of strategic reserves by the United States and a series of Asian countries.

    “We think Strategic Petroleum Reserves are not a sustainable source of supply and the effect of such market intervention would only be temporary,” the analysts wrote in a note carried by Reuters.

   Goldman Sachs had earlier forecast an oil price increase to $90 a barrel by the end of 2021. Experts from Bank of America predicted Brent could reach $120 a barrel by the end of June2022.

   Forecasts by the European Union’s Executive Commission are somewhat more modest for the moment. The Commission expects Brent to stand at $78.90 a barrel in 2022 – while last spring, it had forecast a price of $61.60.

   The Commission says it expects prices to peak in the fourth quarter of 2021 at more than $80 and predicts they will then start to decline.


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November 2021