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Oil price outlook: RBC’s Helima Croft sees recovery ahead

The oil industry has been hit hard by the COVID-19 pandemic, with prices plummeting to historic lows. However, RBC’s Global Head of Commodity Strategy, Helima Croft, sees a recovery on the horizon.

Croft predicts that oil prices will gradually rise over the next few years, with Brent crude reaching $60 per barrel by 2022. This is due to a combination of factors, including increased demand as the global economy recovers, production cuts by OPEC+ countries, and a reduction in shale oil production in the United States.

However, Croft warns that the recovery will not be without its challenges. The pandemic has caused significant damage to the oil industry, with many companies struggling to stay afloat. In addition, the transition to renewable energy sources is accelerating, which could lead to a long-term decline in demand for oil.

Despite these challenges, Croft remains optimistic about the future of the oil industry. She believes that companies that are able to adapt to the changing market conditions will be the ones that thrive in the years to come.

In conclusion, while the oil industry has faced significant challenges in recent months, there is reason to be hopeful about the future. With the right strategies in place, companies can weather the storm and emerge stronger on the other side.

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