– My forecast for 2021 is a little more modest than Goldman Sachs’. I estimate oil prices between $ 50 and $ 55 a barrel on average for the entire year. But we can expect volatility in the market, with both highs and lows, says Russia’s Energy Minister Alexander Novak to CNBC.
When Saudi Arabia declared oil prices at the beginning of March, oil prices fell sharply. From being above $ 66 a barrel, one suddenly did not have to go out with more than $ 33 for a barrel of North Sea oil (burnt crude) on March 9th.
It did not exactly help that the corona pandemic abruptly put an end to most foreign travel, which in turn reduced the demand for oil considerably. At its lowest, the price was below 20 dollars a barrel in April, while mainland American oil (WTI) fell below zero dollars a barrel – so one had to pay to get rid of the oil.
Since then, the price of oil has risen slowly but surely, and last week the price of North Sea oil Brent hit $ 46 for the first time since March, before falling again. At the time of writing, one barrel of North Sea oil costs $ 42.32.
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Last week, commercial bank Goldman Sachs published a note in which they envisioned that burnt crude would trade for $ 65 a barrel by the third quarter of 2021.
Novak therefore disagrees with this. He believes the price will take time to rise, as people’s pattern of action has changed during the corona pandemic. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other form of use of all or part of the content, can only take place with written permission or as permitted by law. For additional terms look here.
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