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BofA Forecasts Brent To Avg At $62/barrel In 2020 Aided By OPEC Supply Cuts

24 Feb 2020 6:29 pm
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Mumbai (Commodities Control) –

BOFA GLOBAL RESEARCH:

Projects 1.2 Million Barrels per Day Drop in OPEC Supply from Q4’19 into Q4’20

Sees Brent Oil Prices Averaging $50/Barrel to $70/Barrel Through 2025

Says Total U.S. Crude Oil and Liquids Supply Is Projected To Grow From 17.3 Million BPD in 2019 to 20.9 Million BPD In 2025

BofA Global Research: "Geopolitical Risks Have Boosted Front Month Oil Prices This Year... However, Longer-term Prices Remain Unshaken By Recent Events"

According BofA Global Research, Brent Should Average $62/ Barrel in 2020, helped by voluntary and involuntary declines in OPEC supply.

(Commodities Control Bureau)


       
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