• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 5 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 20 mins Putin blocks Ukraine access to Black Sea after Joe blinks
  • 20 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 1 day U.S. Presidential Elections Status - Electoral Votes
  • 7 hours Fukushima
  • 3 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 1 day Biden about to face first real test. Russia building up military on Ukraine border.
  • 5 hours So. Who's for Universal Basic Income?
Will U.S. Shale Trigger Another Oil Price Crash?

Will U.S. Shale Trigger Another Oil Price Crash?

As fracking activity in the…

WoodMac: Oil Prices Could Drop To $10 In 2050

WoodMac: Oil Prices Could Drop To $10 In 2050

Brent Crude oil prices could…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Reuters Poll: Bankers See Steady Rise In Oil Prices

Brent crude will average $59.07 per barrel this year, according to a Reuters survey of analysts.

This is up from last month’s consensus on an average of $54.47 a barrel, reflecting growing optimism about the immediate future of the world’s most traded commodity.

“Travel and leisure activity look set to catch up to buoyant manufacturing activity due to the mix of stimulus, confidence, vaccines, and more targeted pandemic measures,” one of the survey respondents, Norbert Ruecker from Swiss Julius Baer, told Reuters.

The combination of accelerating vaccination drives, government stimulus, and continued supply discipline, notably among OPEC+ members and U.S. shale producers, has lifted oil prices recently, with a number of banks revising their oil price forecast upwards.

Bank of America, for instance, recently said it expected oil prices to grow at the fastest rate in three decades. The bank forecast Brent will average between $50 and $70 over the next five years.

Barclays expects the global benchmark to trade at an average of $67 a barrel this year, citing normalizing inventories in the United States and a weaker response of the U.S. shale patch to rising oil prices.

“Colder-than-normal weather, especially in the southern states, has accelerated the normalization in inventories by disrupting output more than demand,” Barclays said.

Goldman Sachs went even higher earlier this month, predicting Brent could hit $75 a barrel by the third quarter of this year thanks to faster than previously expected oil market rebalancing.

“Faster re-balancing during what was expected to be the dark days of winter will be followed by a widening deficit this spring as the ramp-up in OPEC+ production lags our above-consensus demand recovery forecast,” Goldman analysts said.

Talk has even started about the possibility of oil returning into three-digit territory after the Texas Freeze, again thanks to a rebalancing market and government stimulus aimed at restarting pandemic-hit economies.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on February 26 2021 said:
    The bankers may be a little bit pessimistic. I am going to go a step further and project an average Brent crude price of $65 a barrel in 2021 with global oil demand returning to pre-pandemic level of 101 million barrels a day (mbd) by the middle of this year.

    We are currently in a bull market with all the bullish factors that matter working in synchrony and pushing oil prices higher. That is why I have been projecting that Brent crude is going to hit $70-$80 in the third quarter of 2021 with a $100 oil in sight by the second half of 2022 or the first quarter of 2023.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Humpy Harry on February 27 2021 said:
    $100 looking more and more likely by the day. The demand being very strong for at least the next 10 years and beyond. Great time for the industry, jobs and wealth for anyone willing to get their hands dirty. Time to dust off your redwings and V guards. Time to earn yourselves some serious money again.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News