Brent, the international benchmark for crude, is expected to rise at its fastest pace since the 1970s over the next three years, potentially hitting $100 per barrel, according to the Bank of America.
In the medium term, the lender expects prices to average between $50 and $70 per barrel between now and 2026.
A return of global exports and industrial production to pre-Covid levels have bolstered expectations of a faster recovery in demand for crude.
Improving oil supply and demand fundamentals, unprecedented global fiscal and monetary stimulus and a stronger economy in China, the world's largest commodity importer, all indicate a broader recovery for crude.
BofA expects Opec+, which has been withholding 7.2 million barrels per day since the beginning of the year, to reverse course as prices continue to trade above $60 per barrel.
Brent has surged 18.6 per cent over the past month, aided last week by outages in the US, which halted around 4m bpd of production.
West Texas Intermediate, the benchmark tracking US crude grades, is also up 18 per cent over the past 30 days.
Brent, under which two-thirds of the world's oil is traded, was up 1.28 per cent to $66.21 at 6.32pm UAE time on Wednesday, while WTI was up 1.26 per cent at $62.45 per barrel.
Opec+, headed by Saudi Arabia and Russia, will convene next week to assess members' compliance to current curbs. The producers are widely expected to bring additional barrels back into the market. Saudi Arabia, which volunteered an extraordinary cut of 1m bpd is also likely to roll it back by the end of March.
"We believe that slower shale growth and oil price stability will likely require a continuation of Opec+'s market management beyond April 2022," BofA said in its report.
The bank cautioned of bearish risks for prices, including the possible return of Iranian barrels back to the market following the renegotiation of the Joint Comprehensive Plan of Action between the Joe Biden administration and Tehran.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Global state-owned investor ranking by size
|
1.
|
United States
|
|
2.
|
China
|
|
3.
|
UAE
|
|
4.
|
Japan
|
|
5
|
Norway
|
|
6.
|
Canada
|
|
7.
|
Singapore
|
|
8.
|
Australia
|
|
9.
|
Saudi Arabia
|
|
10.
|
South Korea
|
Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
