The Citibank analysts expect a Likely price rebound in Brent oil to continue over the next 18 months.
Key quotes
“The OPEC+ efforts to curb supplies to persist
Near-term loss of US shale oil
Brent crude futures to average $48/ barrels in Q4 of this year and average $61/ barrels during Q4 2021.
We’re relatively bullish the market going into 2022 because we see relatively strong discipline on the OPEC+ side and we see a postponement of projects and we see lost oil in the world, particularly in North America.
Brent futures averaging $59/b in 2022, $55/b in 2023.
Sees global oil demand continues to rise as lockdowns ease.
But won’t reach 2019 levels before late 2021.
inventories will be showing a strong draw by mid-July.”
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WTI consolidates Wednesday’s 5% drop around $38
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