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WTI Oil Prices to Hit $75 Before End of Year, Says Raymond James
Following Saudi Arabia’s surprise announcement last week that it would cut another 1.0 million b/d in crude oil output in April – after similar cuts in February and March – Raymond James & Associates Inc. analysts raised their price expectations as supply/demand further tightens this spring.
In addition to Saudi Arabia’s efforts, members of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed last Thursday to hold the line on oil production through April.
“Our strip scenario still sees substantial draws in both 2021 and 2022 on the order of several million barrels per day for the next two years,” Raymond James analyst John Freeman said. “Clearly, even to a casual observer of oil markets, draws of this magnitude cannot exist for that prolonged of a period meaning prices need to rise meaningfully off the current strip in order to incentivize enough production gro