Brent oil prices can grow to about $45 per barrel in average over the year in 2021 and to $53 per barrel in 2022, Fitch Ratings says in its research on Wednesday. It is expected to be about $45 per barrel in 2020 and at the level of $55 a barrel after 2022, the Agency reports.
WTI oil will be traded at a price of $3/barrel below Brent in each year, the company says.
Crude oil prices will largely grow owing to the OPEC+ oil production limiting agreement, Fitch noted. "We expect OPEC+ to continue to periodically adjust the two-year deal reached in April 2020 to avoid large production surpluses or deficits, which supports our expectations of a gradual oil price," the company noted, TASS reports.
Fitch expects some rebalancing in the European gas market in the next few months owing to a combination of reduced LNG volumes from the US, lower pipeline imports from Russia and growing seasonal consumption in the fourth quarter of this year.
"A full recovery can only be driven by substantially improved demand, particularly in Asia. We assume that prices will remain low in 2021 by historical standards," the agency noted.