Azerbaijan, Baku, Dec. 28 /Trend A.Badalova/
The price for Brent will down under $100 per barrel on the weaker global fundamentals, Energy Security Analysis (ESAI) says in its report on Global Crude Outlook.
"The weaker balance (demand/supply) for 2012 should help pull Brent prices down under $100 per barrel, although rising geopolitical tensions will provide a floor for prices," ESAI's report says.
With demand growth in 2011 likely to slip below 1.5 million b/d, and non‐OPEC production
rising by roughly one million b/d, the space for additional OPEC crude is very narrow, ESAI's analysts believe.
According to the ESAI's forecasts, Brent price will amount to $95.6 per barrel in the end of 2012. Analysts predict the average price for Brent at $99.5 per barrel for the next year.
The highest price for Brent the next year will be observed in August - $97.9 per barrel.
The average price for WTI is predicted at $92 per barrel. By the end of 2012 WTI price will fall to $89.4 per barrel.
"Over the last year or more, the price of oil has been driven by supply and demand, but it has
also been shaped by economic and geopolitical uncertainty. These uncertainties remain and will continue to influence oil prices in 2012," ESAI report says.
Generally ESAI expects outcomes or interpretations of these uncertainties that will support oil prices.
