Dr. Yussif Sulemana, has said that the international market for oil prices might increase up to US$60 per barrel in the first 4 months of 2021. The current price is at US$55.78 per barrel, which is an increase of $4 since the year began.
Speaking during an interview the energy consultant said, “The OPEC plus members, Russia and OPEC de facto leader, Saudi Arabia seemly are now in agreement and this agreement started in the first quarter of 2020. They are going to reduce up to 9.7 million barrels taken out from the global basket and that was significant. So that amount is still in place. OPEC reduction holding, vaccines on the horizon, and the vibrancy of the Asian economies are the 3 things accountable for these bullish sentiments in the oil price.”
“The projection is that, if this holds, the oil price is going to gravitate to the mid-’50s, that is 55 and if it still holds that there is good understanding among the OPEC plus members, Saudi Arabia, Russia, and oil price moves up a little bit, we could have it hitting US$60,” Dr. Yussif Sulemana stated. Nevertheless, the energy consultant said that a few factors may determine the likeliness of the increase, like the US president going to green energy.