Saudi's surprise output cut to lift Brent to $60 a barrel by mid-year: UBS


UBS raised its forecast for Brent oil prices to $60 per barrel by mid-year, following Saudi Arabia's surprise unilateral production cut and expectations of a sharp recovery in demand in the second quarter on vaccine rollouts and increased travel.   With Saudi Arabia's move, OPEC's production increase of 0.

5 million barrels per day (bpd) for January is reversed in full, which will result in a tighter oil market in the first half of the year, analysts at the Swiss bank wrote in a note.   The world's largest.

This article is no longer available in our repository.

There could be multiple reasons for this.