Fuel consumption is already taking flight and, as acknowledged Repsol, has already left behind the collapses of the months of March and April due to restrictions on mobility due to the coronavirus epidemic. And the price of crude oil also recovers, until the barrel of Brent, the benchmark in Europe, is consolidated at 40 dollars.
He CEO of the energy company, Josu Jon Imaz, marked this upward trend yesterday in the most recent weeks. And the company itself indicated an estimate of $ 43 a barrel for the current year 2020, as indicated in the results documentation presented this Thursday.
In this sense, Imaz recalled, during the presentation to analysts, that the 20 dollars per barrel have been left behind of the most complicated weeks of the health crisis.
For the next few years, this optimism expands: Brent will reach $ 49 in 2021 and will settle at $ 67 a barrel from 2022, according to the hypotheses sent to the National Securities Market Commission (CNMV). On average, for the period 2026-2050, it contemplates 60 dollars.
INSUFFICIENT OFFER REACTION
“To the medium and long-term market dynamics, the new strategic orientation and the published commitments of zero net emissions in 2050, which meant a revision of the expectations of oil prices and especially of gas, and therefore, the reduction of recoverable value of assets in 2019, the impact of Covid-19 and the oversupply of crude oil in the market”Repsol explains to the CNMV.
The company adds that the coronavirus crisis “has generated a never seen contraction in oil demand and supply reaction has been insufficient to adjust to the low demand, despite the fact that OPEC has made the biggest cut in production in its history and other producers have also made sharp cuts. ”
Repsol sees recovery of crude oil and also Barclays. The entity, despite the fact that it still fears that the demand will suffer again, points out that the Brent barrel has consolidated at around 40-45 dollars; and maintains the forecast of $ 53 for next year.
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