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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays Plc    BARC   GB0031348658


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Barclays keeps 2021 oil price outlook, supported by vaccine boost

11/23/2020 | 02:38am EST
The logo of Barclays is seen on the top of one of its branch in Madrid

(Reuters) - Barclays kept its "above consensus" 2021 oil price forecasts on Monday, predicting Brent at $53 a barrel based on output discipline by OPEC and its allies, and based on a potential COVID-19 vaccine boosting demand in the second half.

Potential rollouts of high-efficacy vaccines in the short term would be a turning point for demand as it could lead to a more sustainable economic recovery, the bank said in a note.

It forecast Brent at an average $53 a barrel and U.S. West Texas Intermediate (WTI) crude at $50 per barrel in 2021.

Sources have told Reuters that the Organization of the Petroleum Exporting Countries, Russia and its allies, known as OPEC+, are leaning towards postponing of a planned January increase to oil output by at least three months.

OPEC+ was due to raise output by 2 million barrels per day in January as part of a steady easing of record supply cuts agreed this year.

"We expect the OPEC+ group to delay the ratcheting up of production targets by three months when the group meets later this month," the bank said.

Goldman Sachs also said this month that it expected the group to delay their planned output increase.

Brent traded around $45.30 on Monday and WTI was around $43, lifted by optimism about a recovery in demand thanks to successful coronavirus vaccine trials, although new lockdowns around the world capped gains. [O/R]

(Reporting by Bharat Gautam in Bengaluru; Editing by Edmund Balir)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 1.69% 151.32 Delayed Quote.1.45%
LONDON BRENT OIL -0.26% 54.75 Delayed Quote.9.17%
THE GOLDMAN SACHS GROUP, INC. -2.23% 301.01 Delayed Quote.14.14%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.38% 73.879 Delayed Quote.-0.74%
WTI 0.26% 52.299 Delayed Quote.11.60%
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Sales 2020 21 595 M 29 331 M 29 331 M
Net income 2020 1 152 M 1 565 M 1 565 M
Net Debt 2020 - - -
P/E ratio 2020 22,5x
Yield 2020 1,69%
Capitalization 26 266 M 35 656 M 35 676 M
Capi. / Sales 2020 1,22x
Capi. / Sales 2021 1,27x
Nbr of Employees 80 800
Free-Float 99,6%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 162,59 GBX
Last Close Price 1,51 GBX
Spread / Highest target 15 430%
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Spread / Lowest Target 4 727%
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James Edward Staley Group Chief Executive Officer & Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
Timothy James Breedon Independent Non-Executive Director
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