Brent Crude go above $50, only in 2021 - Reuters Survey

 

Oil barrel


According to a survey carried out by Reuters, listening to some analysts and economists, most of the people in the field think it's highly unlikely that the price of Brent crude  will go past $50.

The people in the survey cite the following factors for the gloomy outlook:

  1. Contracting global demand 
  2. The fear of the second wave of Covid-10 pandemic
  3. Slow economic growth rate in the developed nations
  4. Economic contraction in India and other developing nations
  5. The precarious situations that the airlines are in
  6. Uncertainty over the success of a vaccine against the pandemic
The following factors, however, according to the same survey, could slightly lift the veil of gloom in the current, fast-evolving circumstances.

  1. Anticipated OPEC cuts
  2. Declining US oil production

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