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Jan 11, 2021
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Oil & Gas Expects Demand Increase in 2021


The prospects for the oil and gas markets in the coming year look optimistic, says Alexander Razuvaev, head of the Alpari Information and Analytical Center (IAC).

Everyone expects COVID-19 vaccines in Russia and around the world to demonstrate their effectiveness. This will mean the lifting of restrictions and the end of the recession, which means that the demand for oil will grow. Forecasted price of Brent oil is $ 60-70 per barrel. Even if Iran increases exports by the promised 2.3 million barrels, the market will still “digest”, the expert noted.

The same can be said for the gas sector. Against the backdrop of a cold winter, demand for gas has already grown in Europe; Gazprom has maximized supplies, even buying transit capacities from Ukraine. The main goal is to complete the construction of Nord Stream 2 and put it into operation. Razuvaev expressed confidence that this will be done successfully in 2021.

Azerbaijani President Ilham Aliyev said earlier that the price of oil this year in any case will not fall below $ 50 per barrel.

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