OPEC+ will keep prices more or less in range until 2022

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Oil cartel OPEC and its partner countries, gathered in OPEC+, are going to increase their production in the coming months, but the pace is not so great. This is what energy economist Hans van Cleef of ABN AMRO said to ABM Financial News.

“Although oil production will increase in the coming months, this is happening at a slower pace than initially thought”, says Van Cleef.

In addition, Van Cleef foresees that the oil reserves will continue to fall. The demand for oil is rising faster than production, “which is positive for oil prices”.

However, the energy economist warns that the upward potential in his eyes is limited.

At the end of this year, ABN AMRO is still counting on a price of 60 dollars for a barrel of Brent and 57 dollars for a barrel of WTI. By the end of 2022, prices increased to $ 65 and $ 61 respectively, according to the bank.

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Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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