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In 2021, the Brent spot price is expected to average $47.07 per barrel and the WTI spot price to average $44.72 per barrel.


In 2021, the average oil price is expected to be slightly higher than the average price of oil in 2020. The current average prices of oil in 2020 are $41.19 per barrel for Brent and $38.76 for WTI. This is a downgrade for both oil prices for both 2020 and 2021.

Fitch Solutions has projected oil prices out to 2024 as follows:

Analysts at the company expect Brent to average $44 per barrel this year, $51 per barrel in 2021, $53 per barrel in 2022, $55 per barrel in 2023 and $58 per barrel in 2024. 

Fitch Company

The US Energy Information Administration (EIA) also projects that while oil consumption will contract in 2020 they expect it to increase by 6.3 million barrels per day in 2021. This is up from an expected 2020 daily average of 92.8 million barrels.