In the next few years, the price of Brent oil may rise to $ 100, and in the second quarter of this year it will temporarily reach $ 70. This conclusion was reached in Bank of America, writes Bloomberg.
Analysts have begun to prepare for such a take-off amid improving fundamentals and the entry into force of economic stimulus programs around the world.
The new forecast of the financial institution says that in 2021 the average price of Brent was $ 60 per barrel. This is $ 10 more than the previous forecast, but at the same time, $ 5 less than the current quotes.
Earlier, the forecast for oil prices was raised by Goldman Sachs. Moreover, in the short term, he is more optimistic – $ 75 per barrel in the third quarter of 2021. The investment bank believes that the demand for oil during this period will be higher than supply, even if the United States starts to restore shale oil production and increase supplies to Iran.
However, the forecast of Bank of America differs markedly from the consensus forecast of analysts surveyed by the agency. They expect Brent to remain at or below $ 65 per barrel by 2025.
Earlier, the Energy Information Administration of the US Department of Energy (EIA) provided annual forecasts for oil prices for the foreseeable future. And in one of them, the department expects that by 2050 the Brent grade will cost $ 173 per barrel. True, the pessimistic one is talking about $ 48.