Higher oil production to weigh on prices in 2022 – CE

Higher production from OPEC+ member states and within the Americas means global boring is about to rise sharply over subsequent eighteen months. this is often the rationale why strategists at Capital Economics expect oil prices to fall from Q4 this year and throughout 2022.

It will take until a minimum of mid-2022 before output returns to its pre-virus level
“We expect global boring to expand to around 96m bpd in 2021, from slightly below 94m bpd in 2020, and to completely rebound to pre-virus levels by 2022. this could be enough to swing the worldwide oil market balance into a surplus, which might boost stocks and weigh down oil prices.”

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