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Oil to rise to $100/barrel by 2022, for 6 reasons — Bank of America

Among the demand factors that may affect the rise in prices, analysts highlight the deferred demand after lockdowns, as well as the predominance of private road transport over other modes of transport

© AP Photo/Hasan Jamali

MOSCOW, June 21. / TASS /. The price of Brent oil may rise to $100 per barrel by 2022, there are three reasons for this growth on the demand side, and three on the supply side, according to the report by Bank of America on the oil market, made available to TASS on Monday.

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Among the demand factors that may affect the rise in prices, analysts highlight the deferred demand after lockdowns, as well as the predominance of private road transport over other modes of transport. Bank of America also believes that telecommuting could lead to a "work from the car" format, and increase the distances that people travel in a private vehicle.

On the demand side, Bank of America sees, first of all, such a factor as an increase in the capital expenditures of companies to achieve the goals of the Paris climate agreement. Investors have also begun to play a more active role in the energy sector, investing in both the financial sector and sustainable development (ESG, environmental, social, governance). In addition, there is growing public pressure to reduce greenhouse gas emissions.

Bank of America analysts raised their oil price forecast for 2021 from $60 to $68 per barrel amid recovery in demand driven by the coronavirus vaccination process. The increase in the oil price forecast was also influenced by the growth of global mobility, supply constraints and the discipline of OPEC+ countries in the execution of the deal. The oil price forecast for 2022 has been raised by $15 from $60 to $75 per barrel, in 2023 the bank's analysts expect oil at $65 per barrel.

At the same time, Bank of America did not rule out the risks of a decline in oil prices. First, the emergence of Iranian oil on the market may exert pressure on the oil price in the second half of 2021. Secondly, risks remain due to the acceleration of coronavirus mutations and a slowdown in the vaccination process. In addition, analysts admitted the option of non-compliance with the terms of the OPEC+ deal, which could undermine the current trajectory of growth in quotations.

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Dmitry Peskov said that "these strikes are carried out by those countries that give permission, because targeting, other maintenance is not done by Ukrainian servicemen"

EU introduces trade sanctions against Iran — statement

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Over 25 tons of prohibited substances seized by police in Russia in 2024

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54 countries vote against resolution on combating ne-Nazism

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US permission to strike deep into Russia unlikely to change Ukrainian conflict — NPR

US-based NPR broadcaster notes that the stock of such missiles in Ukraine is limited, since they have already been used during the conflict

Putin congratulates Gazprom on completion of work on Nord Stream 2

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The potential launch of long-range weapons from Ukrainian territory or elsewhere is defined in detail in Russia’s new nuclear doctrine, Viktor Bondarev noted

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Vyacheslav Volodin added that these weapons "may cause damage but it will not change the situation on the battlefield"

US approving strikes inside Russia not to alter outcome of conflict — Polish minister

Defense Minister Wladyslaw Kosiniak-Kamysz added that this decision needed to be made much earlier to have any impact on the battlefield situation

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The New York Times reported earlier, citing sources, that US President Joe Biden had authorized the use of US-made ATACMS tactical ballistic missiles for strikes inside Russia

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Russian stock indices in the red on Monday — market data

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Russian, Egyptian diplomats discuss continuing confrontation in Palestine, Lebanon

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Top Hungarian diplomat blames West for trying to expand war in Ukraine

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Ukraine loses up to 420 troops in Kursk area over day — top brass

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Russian army traps Ukrainian troops in Chasov Yar — intelligence center

The official reported that fighters from the 98th Airborne Division were engaged in fierce battles

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Wang Wen called the next few months a "high-risk period" in the conflict

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"The global situation is approaching the dangerous threshold," Kim Jong Un said

Russian troops liberate DPR's Leninskoye, Makarovka

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Strikes on Ukrainian military sites to prevent launch of missiles — Russian lawmaker

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Putin proclaims Odessa Russian city, challenges Ukraine's historical narrative

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Japan may toughen sanctions against Russia, North Korea over their cooperation — NHK

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Russian troops liberate Novoalekseyevka community in Donbass region over past day

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Lukashenko tells Putin situation is "starting to get tense with Wagner"

The Belarusian leader noted that they want to go to Warsaw

Musk doubles down on his opinion about 'endless war' in Ukraine

Earlier, the entrepreneur opined that the bloodshed in Ukraine would end soon

US approval of strikes on Russia derails hopes for peace talks — Slovak PM

"Those who support US President [Joe] Biden's decision are in favor of the start of World War III," Robert Fico noted

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