The Russian Accounts Chamber expects global oil prices to stabilize at $55 for barrel from 2022-2023 and believes that prices are unlikely to reach $60 for barrel in the coming years, according to the fresh mid-term forecast for Russia's socioeconomic development
MOSCOW (Pakistan Point News / Sputnik - 28th October, 2020) The Russian Accounts Chamber expects global oil prices to stabilize at $55 for barrel from 2022-2023 and believes that prices are unlikely to reach $60 for barrel in the coming years, according to the fresh mid-term forecast for Russia's socioeconomic development.
The Accounts Chamber expects the yearly average price of Urals oil at $42 for barrel in 2020 � almost at the baseline level of $42.4 � and at $50 for barrel in 2021.
"From 2022-2023, we expect the oil prices to stabilize at around $55 for barrel despite the termination of the OPEC+ restrictions on oil supplies to the global market. We consider this level of oil prices as rather stable and balancing the interests of traditional oil producers ... and US shale companies," the Russian Accounts Chamber said.
"We believe that higher oil prices ($60 for barrel and more, like from 2017-2019) are unlikely, as decarbonization of the global economy and development of 'green' technologies in energy and transport will have a significant influence on the volume of global oil consumption by mid-2020s," the Accounts Chamber went on to say.
The Russian Accounts Chamber expects that the OPEC+ oil production cuts deal will be preserved in full through the end of the first quarter of 2022, and after the termination of the deal the volume of oil supply to the global market will return to 2019 level from 2022-2023.
