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Goldman Sachs Exec Predicts Oil Prices Will Average $65/Barrel in 2021

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   |    Tuesday,December 15,2020

After a dismal 2020, oil prices are poised to make a sizable comeback in 2021, according to a top executive at Goldman Sachs.

In an interview with CNBC, Jeffrey Currie, the Global Head of Commodities Research at Goldman Sachs, estimates that oil prices will average $65 / barrel in 2021.

He cited two primary drivers that contributed to his positive outlook, including:

  • the approval of several COVID-19 vaccines and their deployment to the public
  • the limited production growth plans that OPEC+ set forth at their latest meeting

He also noted several other factors that bode well for oil prices, including demand recovery in Asia and less-than-expected investments in oil and gas operations (due to low 2020 oil prices as well as increased spending on renewables).

Last week, oil prices jumped past the $50/barrel for the first time since March 2020 thanks to the successful development of COVID-19 vaccines.

As of Tuesday December 15, 2020, Brent was at $50.73 / barrel and WTI was priced at $47.59 / barrel, the highest prices seen since the resurgence.

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