Wood Mackenzie’s Brent oil price forecast would be significantly affected in a second lockdown wave scenario. Wood Mackenzie’s (WoodMac) Brent oil price forecast would be significantly affected in a second lockdown wave scenario, an opinion piece posted on the company’s website by WoodMac’s director of Americas gas and LNG research, Dulles Wang, has revealed. Wang outlined that the company’s base case forecast anticipates an oil price rebound as demand starts rising post coronavirus. He noted, however, that a second large-scale lockdown would further exacerbate the economic recession in 2020 and delay a GDP rebound until 2022. In WoodMac’s base case forecast, Brent rises to an average of $86 per barrel in 2030. In a second wave scenario, WoodMac projects that Brent will hit $70 per barrel in 2030, according to Wang. “The coronavirus pandemic has already had far-reaching consequences for energy demand,” Wang stated in the opinion piece, which […]