Oil prices to rebound, Brent seen at $35/ barrel in 2020 – Total

The French oil giant, Total, offers its revision on the Brent oil-price outlook for the next years, given the slump in early 2020.

Key quotes

“New profile is for Brent price at $35 per barrel in 2020, $40 in 2021, $50 in 2022 and $60 in 2023.

The drop in investments in the oil sector since 2015 would result in insufficient global production capacities by 2025 and a rebound in prices.

Beyond 2030, given technological developments, particularly in the transportation sector, Total anticipates oil demand will have reached its peak and Brent prices should tend toward the long-term price of $50 per barrel.”