Global oil prices may remain range bound in 2021
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However, analysts believe oil prices may not see any big rise even in 2021 as demand conditions continue to remain below the peak levels.
According to a report by ICICI Securities, supply deficit of crude would be in the range of 0.5m b/d in Q1CY21E and 0.2-2.8m b/d in Q2-Q4CY21E as OPEC+ has decided to raise output by just 0.5m b/d in January 2021 and by not more than 0.5m b/d in later months and only after deliberations.
This would prevent oversupply of oil and keep oil prices from a big crash as witnessed early this year.
OPEC was to prune output cuts from 7.7m b/d to 5.8m b/d from January, 2021.
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