The deeper-than-expected production cuts by most OPEC+ member states and a revival in global demand means that the oil market is now likely to be in a bigger deficit than we had previously envisaged for much of this year. We now expect the price of Brent (WTI) to peak in Q3 at around $80 ($77) per barrel, before easing back in Q4 and throughout 2022 as supply rebounds.
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