Oil Rig
• As IMF projects $50/b in 2021
As the second wave of the COVID-19 pandemic continues to impact energy demand and global economic recovery, the Organization of the Petroleum Exporting Countries (OPEC), has said all forms of energy will be needed to support the post-pandemic recovery and address future energy needs.
According to the cartel, oil is expected to retain the largest share of the energy mix throughout the outlook period, accounting for a 27% share in 2045.
This is just as the International Monetary Fund (IMF), projects that oil prices will average just above $50/barrel in 2021, more than 21% rise from 2020’s depressed level, as the rollout of vaccines and fiscal stimulus programmes will help the global economy post a stronger-than-expected recovery from the pandemic.
The Fund however warned that its forecasts are subject to significant uncertainty, with the pandemic yet to be contained.
Yesterday, Brent Crude traded $55.90, up by…
Source: Guardian Newspaper
