Analysts at the bank looking for Brent to US$100/bbl this year, and into 2022.
Doing a bit of a catch-up on this, BoA research note from Monday Asia time.
BofA citing:
- tighter oil supply
- demand higher
- "We believe that the robust global oil demand recovery will outpace supply growth over the next 18 months, further draining inventories and setting the stage for higher oil prices"
Forecasts (average price over the year)
- Brent crude $68 per barrel this year (from $63)
- In 2022 to average $75 (vs. $60 earlier)
- U.S. shale will likely respond .... ramping up production and Brent $65 per barrel by 2023
