Optimistic Citi predicts oil at $60 per barrel in 2021 – ZAWYA

Optimistic Citi predicts oil at $60 per barrel in 2021 – ZAWYA

Optimistic Citi predicts oil at $60 per barrel in 2021 | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOptimistic Citi predicts oil at $60 per barrel in 2021 The forecast is among the most optimistic for oil prices as they recover from the most volatile period in the industry's history    A worker inspects oil barrels at Pertamina's storage depot in Jakarta May 25, 2010. Image used for illustrative purposes. Layton also ruled out the possibility of a new "price war“ in oil markets while prices remained around present levels. "At current price levels and with the future structure of the industry we are not anticipating further price wars."But at $55-$60 that could be the case. Higher prices increase the possibility of Russia breaking away from the Opec+ deal.“ Citi's longer term forecast for the oil price remained at the lower end of a range from $45-$60, he added. Grant Carson, head of Citi's business in several Central Asian countries, said that even with oil at $20 per barrel, Russia could cover its national budget for more than two years. Lower oil prices could speed diversification away from energy sector dependency, he added.Atiq Rehman, head of Citi emerging markets, said that Gulf Cooperation Council