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ICICI Securities Report
Brent surged to over $70/barrel of oil as Organization of the Petroleum Exporting Countries plus stuck to its April 2021 output increase plan despite signs of strong global demand recovery.
Possible delay in lifting of U.S. sanctions on Iran's oil exports to as far back as August 2021 versus end-May-June 2021 as expected earlier also played a part.
As vaccines are rolled out and restrictions eased, International Energy Agency estimates global demand in Q4 CY21E to be 6.5 million barrels of oil per day higher than in Q1, which appears enough to absorb rise in supply from Iran.
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