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Tue, 06/29/2021 - 12:00 PM
However, the timing of the last oil boom still remains uncertain and will depend on several factors including lingering lockdown restrictions.
(Source: Shutterstock.com)
As economies begin reopening, the post-pandemic demand recovery will lead to one of the strongest-ever growth periods for oil demand. Although this supercycle will be unlike earlier oil price booms, according to a new report by Boston Consulting Group (BCG).
“Although BCG does not make price forecasts about oil or other products, we do anticipate that this cycle will cause a substantial rise in prices well in excess of the $75/barrel Brent market level we are close to at present,” Rebecca Fitz, senior director of BCG’s Center for Energy Impact, told Hart Energy.
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