OPEC+ countries should succumb to pressure to add more oil – Citibank

As per the latest oil analytics from Citibank, Brent oil prices are likely to average $71.00 per barrel in 2021 while WTI prices may ease to $69 per barrel during the said period.

The US bank also cut both the oil benchmark price forecast for 2022 by $4.

Additional comments…

We revise our Brent-WTI outlook down from $3 to $2 for the second half (2H) of 2021 and 2022 on near-term tight fundamentals through to 2H2022.

OPEC+ countries should succumb to pressure to add more oil to market at a level higher than initially planned and this is likely to result in deferred prices falling further under weight of higher production.

Read: WTI Price Analysis: Bulls struggle near 23.6% Fibonacci retracement