Barclays expects oil to rise by more than $ 7 in 2021

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Barclays Bank expects OPEC + to delay raising production targets by three months when it meets later this month. The bank said in a report that it expected the continuation of OPEC + support to dispel a possible continuation of the weakness of oil prices in the near term to a large extent.

Barclays expected US oil production towards the end of next year to reach 11 million barrels per day, up slightly from 10.8 million barrels per day previously.His forecast also shows that Libya’s crude production will average 1 million barrels per day next year, up from 0.5 million barrels per day previously.

Brent price is expected to reach $ 53 a barrel, and US West Texas Intermediate crude is expected to reach $ 50 a barrel in 2021.

He said that the possibility of distributing Covid-19 vaccines will likely represent a point of change for the fundamental factors of oil, as it will displace the uncertainty about the outlook for demand due to social distancing.

Source: Arabic

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