According to the estimates, Brent is estimated to stand at 58 dollars per barrel in 2021 and 53 dollars a barrel next year, while at the same time, West Texas Intermediate (WTI) will remain at 55 dollars per barrel this year and drop to 50 dollars a barrel in 2022. Both estimates have been significantly moved upward.
"This reflects stronger-than-expected oil demand and economic recovery in 2H20, the fairly small impact of the latest lockdowns and other mobility restrictions, and OPEC+ supply management, which includes Saudi Arabia's voluntary cuts of a million barrels a day," the report explained.