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IDBI Capital Report
Bullish sentiments remained in crude oil prices on the back of demand recovery, rollout of Covid-19 vaccine and lower production from OPEC.
Brent crude oil price rose by 15.2% month-on-month to average 49.8/barrel of oil U.S. dollar in December 2020.
U.S. total rig counts increased to 351 at the end of Dec-20 from 320 at the end of Nov-20, though significantly lower compared to 830 rigs in same period last year.
OPEC’s production showed a slight improvement and rose by 0.8% month-on-month in Dec-20 to 25.5 millions barrel of oil per day (24.7mbpd in Oct-20).
Production from Libya increased 11% month-on-month to 1.2mbpd in December.
Singapore GRM remained flattish for the month of December to average 1.0/bbl U.S. dollar.
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