Russian Energy Minister Expected price oil at $50 to $55 in 2021 - Economist

"Alexander Novak" Russian energy minister made a call for only modest oil price recovery in 2021, based on a weak demand look and human behavior.

Alexander said "My forecast for 2021, I predict the range of $50-$55 per barrel, as the average price for the year. But we can expect volatility in the market, with both highs and lows".

Oil Price in 2021

In the same context Goldman Sachs last week published a note predicting international benchmark Brent crude at $65 per barrel by the third quarter of next year, with additional upside through 2021 as inventories start to normalize and the oil market ends up in backwardation by next summer.

The minister noted the drop in business travel and the switch to digital conferencing and working from home, all of which reduce travel and therefore oil demand.