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ICICI Securities Report
Brent corrected after peaking on July 05, 2021 as global oil demand fell due to Covid-19 resurgence and on Organization of the Petroleum Exporting Countries plus decision of monthly output hikes to unwind cuts fully by Sep-2022.
Brent has rebounded to three-year high as damage by hurricane Ida delayed restart of 100,000-200,000 barrels per day output to Q4 CY21-Q1 CY22E and OPEC+ output rise in August 2021 was just 50,000 barrels per day versus planned 400,000 barrels per day.
European gas and Asian spot liquefied natural gas prices surge to above oil equivalent levels has led to demand switch to liquid fuels from gas and boosted oil price.
A severe winter may boost oil prices further.
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