Weaker European demand won’t derail our oil forecast

While we have revised down our oil price forecast for Q2 and Q3 this year in response to the OPEC+ decision to ease production cuts, we still think a rebound in global demand will help push oil prices back above $70 per barrel. We expect weaker oil demand in Europe to be offset by a stronger rebound in consumption in the US and elsewhere, keeping the global oil market in deficit for the rest of 2021.