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Due to the impact of the covid-19 pandemic, global oil demand is likely to decline by 9-10 million barrels per day (BPD) this year, adding that there is still room for further price recovery.
This is in line with OPEC’s forecast last month, when global oil demand plummeted by 9.06 million barrels this year. Oil demand has been hit by a pandemic, which has forced a global blockade and led to a sharp drop in fuel consumption.
Oil prices are likely to rise to around $65 a barrel next year, but oil prices are expected to fluctuate, Novak said at an online conference.
Brent crude is currently trading at around $44 a barrel after falling below $16 a barrel in April, a 21 year low.
Novak said it was possible to agree with Goldman Sachs’ forecast that oil prices could reach $65 a barrel, but would be more cautious in the future. “My forecast for 2021 is more moderate than Goldman Sachs. In my opinion, again, the average price of oil prices is expected to be between $50 and $55 a barrel. But volatility may exist. ”
Goldman Sachs expects Brent crude oil prices to rebound to $65 a barrel by the third quarter of 2021, averaging $59.40 for the whole year.