(MENAFN) Brent Crude prices will average USD50 to USD70 a barrel through 2022, as demand outpaces supply on average over the predicted period.
Accordingly, global oil consumption has increased by 3.6mn barrels per day (bpd) in the past two years.
Meanwhile, U.S. shale production is now poised to recover on enhanced efficiencies trailing the rebound in longer-dated WTI prices up USD50 a barrel.
Moreover, with demand expanding steadily, supply is not growing at all, global inventory levels would draw strongly in coming months.
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