OPEC+ group decided to mildly increase oil production from January and the price of Brent crude, which fell to $47 per barrel ahead of the OPEC+ meeting, rose to almost $50 per barrel. In 2021, with the beginning of mass vaccination and the passage of the peak of oil production in the United States, oil prices may rise to $60 per barrel, according to experts.
The rise in oil prices was not only due to the decision of OPEC+, says Vasily Tanurkov, director of the corporate ratings group at Analytical Credit Rating Agency. “Stock markets are growing awaiting the vaccine, the oil market remains in short supply, stocks are slowly decreasing, in addition there is another aggravation around Iran, the OPEC+ decision removed some risks of uncertainty, and this, among other things, let oil prices grow,” Tanurkov explained, adding that the range of $ 55-60 per barrel can be considered equilibrium and it is possible when oil reserves on the market return to normal volume and it will be possible to restore production at a faster pace.
