Citi revised its claims downwards by $3 and $2 for the second half of 2021 and 2022 for Brent and West Texas, pointing out that OPEC+ countries may be under pressure to supply more oil than originally planned.
Pointing out that prices will remain under pressure in the face of increasing production numbers, Citi announced the average price cut for Brent oil for 2021 as 71 dollars/barrel and 2022 as 67 dollars/barrel.
It revised its 2021 forecast for West Texas oil to $69/barrel and its 2022 forecast to $65/barrel.
Source: forex. com