LESS BULL: Russia’s oil and energy minister, Alexander Novak, believes in weaker oil prices than Goldman Sachs. Photo: Dreamstime
Alexander Novak, Russia’s oil and energy minister, believes in a modest improvement in oil prices into 2021, writes CNBC.
He points to, among other things, weaker demand, as well as pandemic changes in the economy and among consumers.
– My forecast for 2021 is a little more modest than Goldman Sachs. “I think we will have an oil price between 50 and 55 dollars a barrel as the average price next year, but we can expect market volatility with prices above and below this,” Novak told CNBC on Friday.
Last week, the brokerage house Goldman Sachs released a note in which they predict that Brent oil will rise to 65 dollars a barrel by the third quarter of next year, with a further upside until 2021.
Novak is not as safe.
– The future recovery will be much slower, says Novak.
The Russian minister highlighted, among other things, the decline in business travel, and the transition to digital meetings and home offices, all of which help reduce travel activity and the demand for oil.
Right now, a barrel of Brent oil stands at $ 44.35, up 0.64 percent.
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