• Money & Markets
Sunday, February 28, 2021
  • Login
No Result
View All Result
NEWSLETTER
Money & Markets
15 °c
Nairobi
20 ° Sun
20 ° Mon
20 ° Tue
21 ° Wed
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
No Result
View All Result
Money & Markets
No Result
View All Result
Home Economy

Brent crude to hit US$91 in 2022, forecast

by Editor
June 12, 2020
in Economy, Energy, Markets
0 0
0
Brent crude to hit US$91 in 2022, forecast
0
SHARES
19
VIEWS
Share on FacebookShare on Twitter

By Andreas Exarheas/Rigzone

Analysts at Fitch Solutions forecast that the price of Brent Crude Oil will average $91 per barrel in 2022.

Analysts at Fitch Solutions forecast that the price of Brent Crude Oil will average $91 per barrel in 2022, a new report has revealed.
Brent is forecasted by the Fitch Solutions analysts to average $75 per barrel this year, $82 per barrel next year, $85 per barrel in 2020 and $89 per barrel in 2021, according to the report, which was sent to Rigzone.

These forecasts were notably higher than the Bloomberg consensus for Brent, which forecasts the commodity to average $73.6 per barrel in 2018, $75.3 per barrel in 2019, $72 per barrel in 2020, $70 per barrel in 2021 and $66.2 per barrel in 2022.

Analysts at Fitch Solutions forecast that the average price of WTI will hit $68 per barrel this year, $75 per barrel next year, $81 per barrel in 2020, $85 per barrel in 2021 and $87 per barrel in 2022.

The Bloomberg consensus for WTI forecasts the commodity to average $68 per barrel in 2018, $68.9 per barrel in 2019, $65.4 per barrel in 2020, $63.5 per barrel in 2021 and $62.3 per barrel in 2022.

“The outlook on Brent is broadly bullish, driven by rising constraints on the supply side. Loss of exports from Iran, low inventories, limited spare capacity and continued under-investment in the sector will drive the market into deficit from 2019,” analysts at Fitch Solutions said in the report.

“That said, we note rising risks to demand, as emerging markets start to feel the pain of a stronger dollar, tighter liquidity, higher oil prices and rising protectionism,” the analysts added.

In the report, Fitch Solutions said the United States will be the dominant growth market over 2019 and 2020, “adding around twice the number of barrels as Saudi Arabia”, according to its data.

“Various bottlenecks have emerged in the Permian basin this year. In particular, insufficient takeaway capacity has put sustained downward pressure on regional price spreads, crimping investment and production. However, rapid pipeline expansions will erase this bottleneck from Q219,” Fitch Solutions analysts said.

Fitch Solutions also stated that, on paper, Saudi Arabia has sufficient capacity to keep the market in balance.

“The costs involved in bringing its full capacity online, though, would likely outweigh the benefits, not least due to the high capital requirements and uncertain demand outlook,” the analysts said.

Editor

Editor

Next Post
Wa Iria’s natural resources referendum that could radically change alter national politics

Wa Iria's natural resources referendum that could radically change alter national politics

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Articles

  • BrighterMonday unveils employer referral drive
  • Schools ICT Integration Programme on course
  • EQUITY Afia opens second clinic in Muranga County
  • StarTimes gets live broadcast rights for African Cup of Nations
  • Stima Sacco supports Naivasha hospital
  • Treasury hits tea farmers with KSh754 Million new tax
  • Construction of Kshs 3 billion fibre optic cable launched
  • How a slum savings scheme is transforming lives of women and youths entrepreneurs in Mathare
  • Equity Bank ranked 7th best bank in Africa
  • Nairobi tops in online food delivery in Sub-Sahara Africa

TOP SEARCHES

acquisition AfDB Banks brexit CBK Central Bank Central Bank of Kenya China COVID-19 dividends donations EABL energy Equity Bank Equity Group Holdings Finserve High Court Imperial Bank interest rates Jambojet jobs Jumia KCB KDIC KenGen Kenya Kenya Airways KRA M-Pesa MD mKey Nairobi NSE oil Patrick Njoroge profit profits Safaricom shareholders shares SMEs South Sudan StarTimes Tanzania Uhuru Kenyatta




  • Money & Markets

© 2020

No Result
View All Result
  • Money & Markets

© 2020

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In